Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 27, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NICOLET BANKSHARES INC | |
Entity Central Index Key | 1,174,850 | |
Trading Symbol | ncbs | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 9,801,613 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 64,075 | $ 68,056 |
Interest-earning deposits | 31,297 | 60,320 |
Federal funds sold | 731 | 727 |
Cash and cash equivalents | 96,103 | 129,103 |
Certificates of deposit in other banks | 2,494 | 3,984 |
Securities available for sale ("AFS") | 408,217 | 365,287 |
Other investments | 14,931 | 17,499 |
Loans held for sale | 6,963 | 6,913 |
Loans | 2,051,122 | 1,568,907 |
Allowance for loan losses | (12,610) | (11,820) |
Loans, net | 2,038,512 | 1,557,087 |
Premises and equipment, net | 47,432 | 45,862 |
Bank owned life insurance ("BOLI") | 63,989 | 54,134 |
Goodwill and other intangibles | 129,588 | 87,938 |
Accrued interest receivable and other assets | 37,501 | 33,072 |
Total assets | 2,845,730 | 2,300,879 |
Liabilities: | ||
Demand | 638,447 | 482,300 |
Money market and NOW accounts | 1,107,360 | 964,509 |
Savings | 274,828 | 221,282 |
Time | 346,316 | 301,895 |
Total deposits | 2,366,951 | 1,969,986 |
Short-term borrowings | 12,900 | |
Notes payable | 41,571 | 1,000 |
Junior subordinated debentures | 29,497 | 24,732 |
Subordinated notes | 11,912 | 11,885 |
Accrued interest payable and other liabilities | 21,827 | 16,911 |
Total liabilities | 2,484,658 | 2,024,514 |
Stockholders' Equity: | ||
Common stock | 98 | 86 |
Additional paid-in capital | 267,396 | 209,700 |
Retained earnings | 92,935 | 68,888 |
Accumulated other comprehensive loss ("AOCI") | (3) | (2,727) |
Total Nicolet Bankshares, Inc. stockholders' equity | 360,426 | 275,947 |
Noncontrolling interest | 646 | 418 |
Total stockholders' equity and noncontrolling interest | 361,072 | 276,365 |
Total liabilities, noncontrolling interest and stockholders' equity | $ 2,845,730 | $ 2,300,879 |
Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 |
Preferred shares issued and outstanding | ||
Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 |
Common shares outstanding | 9,798,724 | 8,553,292 |
Common shares issued | 9,826,197 | 8,596,241 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred shares authorized, no par value (in dollars per share) | $ 0 | $ 0 |
Common shares authorized, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Interest income: | |||||
Loans, including loan fees | $ 27,329 | $ 21,049 | $ 73,098 | $ 49,455 | |
Investment securities: | |||||
Taxable | 1,114 | 902 | 3,422 | 2,068 | |
Non-taxable | 604 | 493 | 1,761 | 1,146 | |
Other interest income | 407 | 351 | 1,136 | 906 | |
Total interest income | 29,454 | 22,795 | 79,417 | 53,575 | |
Interest expense: | |||||
Money market and NOW accounts | 1,380 | 631 | 2,755 | 1,726 | |
Savings and time deposits | 984 | 719 | 2,461 | 2,102 | |
Short-term borrowings | 72 | 5 | |||
Notes payable | 81 | 6 | 133 | 230 | |
Junior subordinated debentures | 459 | 376 | 1,284 | 926 | |
Subordinated notes | 159 | 159 | 477 | 477 | |
Total interest expense | 3,063 | 1,891 | 7,182 | 5,466 | |
Net interest income | 26,391 | 20,904 | 72,235 | 48,109 | |
Provision for loan losses | 975 | 450 | 1,875 | 1,350 | |
Net interest income after provision for loan losses | 25,416 | 20,454 | 70,360 | 46,759 | |
Noninterest income: | |||||
Service charges on deposit accounts | 1,238 | 1,051 | 3,367 | 2,514 | |
Mortgage income, net | 1,774 | 2,010 | 4,022 | 3,713 | |
Trust services fee income | 1,479 | 1,373 | 4,431 | 4,000 | |
Brokerage fee income | 1,500 | 992 | 4,192 | 2,090 | |
Bank owned life insurance | 459 | 318 | 1,314 | 880 | |
Rent income | 285 | 285 | 852 | 820 | |
Investment advisory fees | 92 | 146 | 357 | 341 | |
Gain on sale or writedown of assets, net | 1,305 | 453 | 2,071 | 548 | |
Other income | 2,032 | 1,904 | 5,412 | 3,874 | |
Total noninterest income | 10,164 | 8,532 | 26,018 | 18,780 | |
Noninterest expense: | |||||
Personnel | 11,488 | 10,516 | 32,404 | 24,748 | |
Occupancy, equipment and office | 3,559 | 3,018 | 9,613 | 7,324 | |
Business development and marketing | 1,113 | 985 | 3,359 | 2,353 | |
Data processing | 2,238 | 1,831 | 6,428 | 4,408 | |
FDIC assessments | 205 | 247 | 582 | 629 | |
Intangibles amortization | 1,173 | 1,172 | 3,514 | 2,295 | |
Other expense | 1,086 | 1,250 | 3,598 | 4,799 | |
Total noninterest expense | 20,862 | 19,019 | 59,498 | 46,556 | |
Income before income tax expense | 14,718 | 9,967 | 36,880 | 18,983 | |
Income tax expense | 5,132 | 3,438 | 12,605 | 6,432 | |
Net income | 9,586 | 6,529 | 24,275 | 12,551 | |
Less: net income attributable to noncontrolling interest | 74 | 65 | 228 | 176 | |
Net income attributable to Nicolet Bankshares, Inc. | 9,512 | 6,464 | 24,047 | 12,375 | |
Less: preferred stock dividends | 247 | 633 | |||
Net income available to common shareholders | $ 9,512 | $ 6,217 | $ 24,047 | $ 11,742 | |
Basic earnings per common share (in dollars per share) | [1] | $ 0.97 | $ 0.72 | $ 2.58 | $ 1.76 |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.91 | $ 0.69 | $ 2.45 | $ 1.67 |
Weighted average common shares outstanding: | |||||
Basic ( in shares) | 9,836,646 | 8,607,719 | 9,316,814 | 6,689,367 | |
Diluted (in shares) | 10,408,683 | 8,969,735 | 9,820,724 | 7,024,169 | |
[1] | Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted-average shares outstanding during the interim period, and not on an annualized weighted-average basis. Accordingly, the sum of the quarters' earnings per share data will not necessarily equal the year to date earnings per share data. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 9,586 | $ 6,529 | $ 24,275 | $ 12,551 |
Unrealized gains on securities AFS: | ||||
Net unrealized holding gains (losses) arising during the period | 834 | (984) | 5,685 | 2,257 |
Reclassification adjustment for net gains included in net income | (1,221) | (37) | (1,220) | (77) |
Income tax benefit (expense) | 125 | 397 | (1,741) | (851) |
Total other comprehensive income (loss) | (262) | (624) | 2,724 | 1,329 |
Comprehensive income | $ 9,324 | $ 5,905 | $ 26,999 | $ 13,880 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Noncontrolling Interest | Total |
Balance at Dec. 31, 2016 | $ 86 | $ 209,700 | $ 68,888 | $ (2,727) | $ 418 | $ 276,365 |
Comprehensive income | ||||||
Net income | 24,047 | 228 | 24,275 | |||
Other comprehensive income | 2,724 | 2,724 | ||||
Stock compensation expense | 1,871 | 1,871 | ||||
Exercise of stock options, net | 1 | 1,285 | 1,286 | |||
Issuance of common stock | 175 | 175 | ||||
Issuance of common stock in acquisitions, net of capitalized issuance costs of $186 | 13 | 62,047 | 62,060 | |||
Purchase and retirement of common stock | (2) | (7,682) | (7,684) | |||
Balance at Sep. 30, 2017 | $ 98 | $ 267,396 | $ 92,935 | $ (3) | $ 646 | $ 361,072 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (Unaudited) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Capitalized issuance costs | $ 186 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash Flows From Operating Activities, net of effects of business combinations: | ||
Net income | $ 24,275 | $ 12,551 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 7,038 | 4,227 |
Provision for loan losses | 1,875 | 1,350 |
Increase in cash surrender value of life insurance | (1,314) | (880) |
Stock compensation expense | 1,871 | 1,123 |
Gain on sale or writedown of assets, net | (2,071) | (548) |
Gain on sale of loans held for sale, net | (3,614) | (3,713) |
Proceeds from sale of loans held for sale | 164,726 | 179,967 |
Origination of loans held for sale | (164,806) | (179,581) |
Net change in: | ||
Accrued interest receivable and other assets | 239 | 1,182 |
Accrued interest payable and other liabilities | 1,733 | (3,888) |
Net cash provided by operating activities | 29,952 | 11,790 |
Cash Flows From Investing Activities, net of effects of business combinations: | ||
Net decrease in certificates of deposit in other banks | 1,490 | 239 |
Net decrease (increase) in loans | (126,499) | 15,582 |
Purchases of securities AFS | (49,119) | (57,510) |
Proceeds from sales of securities AFS | 10,798 | 30,319 |
Proceeds from calls and maturities of securities AFS | 34,426 | 22,962 |
Purchase of other investments | (3,256) | (3,745) |
Proceeds from sales of other investments | 6,519 | |
Net increase in premises and equipment | (2,958) | (3,802) |
Proceeds from sales of other real estate and other assets | 3,410 | 1,661 |
Purchase of BOLI | (70) | (20,000) |
Proceeds from redemption of BOLI | 21,549 | |
Intangible from acquired customer relationships | (870) | |
Net cash received in business combination | 9,119 | 66,517 |
Net cash provided (used) by investing activities | (117,010) | 73,772 |
Cash Flows From Financing Activities, net of effects of business combinations: | ||
Net increase in deposits | 22,054 | 55,332 |
Net increase (decrease) in short-term borrowings | 12,900 | (49,087) |
Proceeds from notes payable | 30,000 | |
Repayments of notes payable | (4,487) | (56,519) |
Redemption of preferred stock | (12,200) | |
Purchase and retirement of common stock | (7,462) | (3,046) |
Capitalized issuance costs, net | (186) | (260) |
Proceeds from issuance of common stock | 175 | 101 |
Proceeds from exercise of common stock options, net | 1,064 | 1,502 |
Cash dividends paid on preferred stock | (633) | |
Net cash provided (used) by financing activities | 54,058 | (64,810) |
Net increase (decrease) in cash and cash equivalents | (33,000) | 20,752 |
Cash and cash equivalents: | ||
Beginning | 129,103 | 83,619 |
Ending | 96,103 | 104,371 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 7,117 | 5,787 |
Cash paid for taxes | 8,805 | 7,150 |
Transfer of loans and bank premises to other real estate owned | 828 | 33 |
Capitalized mortgage servicing rights | 679 | 492 |
Transfer of loans from held for sale to held for investment | 3,236 | |
Acquisitions | ||
Fair value of assets acquired | 439,000 | 1,035,000 |
Fair value of liabilities assumed | 398,000 | 937,000 |
Net assets acquired | $ 41,000 | $ 98,000 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1 – Basis of Presentation General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly Nicolet Bankshares, Inc. (the “Company”) and its subsidiaries, consolidated balance sheets, statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses, useful lives for depreciation and amortization, fair value of financial instruments, deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for loan losses, the assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisitions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Recent Accounting Developments Adopted In December 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance to Accounting Standards Update (“ASU”) 2016-19, Technical Corrections and Improvements In March 2016, the FASB issued updated guidance to ASU 2016-09, Stock Compensation Improvements to Employee Share-Based Payment Activity Operating Segment While the chief decision makers monitor the revenue streams of the various products and services, and evaluate costs, balance sheet positions and quality, all such products, services and activities are directly or indirectly related to the business of community banking, with no regular, formal or material segment delineations. Operations are managed and financial performance is evaluated on a company-wide basis, and accordingly, all the financial service operations are considered by management to be aggregated in one reportable operating segment. Reclassifications Certain amounts in the 2016 consolidated financial statements have been reclassified to conform to the 2017 presentation. |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2 – Acquisitions First Menasha Bancshares, Inc. (“First Menasha”): On April 28, 2017, the Company consummated its merger with First Menasha pursuant to the Agreement and Plan of Merger by and between the Company and First Menasha dated November 3, 2016, (the “Merger Agreement”), whereby First Menasha was merged with and into the Company, and The First National Bank-Fox Valley, the wholly owned commercial bank subsidiary of First Menasha serving the Fox Valley area of Wisconsin, was merged with and into Nicolet National Bank (the “Bank”). The system integration was completed, and five branches of First Menasha opened on May 1, 2017, as Nicolet National Bank branches, expanding its presence into Calumet and Winnebago Counties, Wisconsin. Concurrently, Nicolet closed one of its Calumet County locations, bringing the Bank’s footprint to 38 branches as of September 30, 2017. The purpose of the merger was to continue Nicolet’s interest in strategic growth, consistent with its plan to improve profitability through efficiency, leverage the strengths of each bank across the combined customer base, and add shareholder value. With the merger, Nicolet became the leading community bank to serve the Fox Valley area of Wisconsin. Pursuant to the Merger Agreement, the final purchase price consisted of issuing 1,309,885 shares of the Company’s common stock (given the final stock-for-stock exchange ratio of 3.126 except for First Menasha shares owned by the Company immediately prior to the time of the merger), for common stock consideration of $62.2 million (based on $47.52 per share, the volume weighted average closing price of the Company’s common stock over the preceding 20 trading day period) plus cash consideration of $19.3 million. Approximately $0.2 million in direct stock issuance costs for the merger were incurred and charged against additional paid in capital. Upon consummation, the Company added $480 million in assets, $351 million in loans, $375 million in deposits, $4 million in core deposit intangible, and $41 million of goodwill. The Company accounted for the transaction under the acquisition method of accounting, and thus, the financial position and results of operations of First Menasha prior to the consummation date were not included in the accompanying consolidated financial statements. The accounting required assets purchased and liabilities assumed to be recorded at their respective estimated fair values at the date of acquisition. The estimated fair values may be subject to refinement as additional information relative to the closing date fair values becomes available through the measurement period of approximately one year from consummation. During the third quarter of 2017, adjustments were made based on additional information. Goodwill was increased by $1.0 million to account for the gain in the Company’s pre-acquisition equity interest holding in First Menasha, resulting in a $1.2 million gain in pre-tax earnings. Financial advisor business acquired: During the first quarter of 2016, Nicolet agreed in a private transaction to hire a select group of financial advisors and purchase their respective books of business, as well as their operating platform, to enhance the leadership and future growth of the Company’s wealth management business. The transaction was effected in phases and completed April 1, 2016. The Company paid $4.9 million total initial consideration, including $0.8 million cash, $2.6 million of Nicolet common stock, and recorded a $1.5 million earn-out liability payable to one principal in the future. The Company initially recorded $0.4 million of goodwill, $0.2 million of fixed assets, and $4.3 million of customer relationship intangibles (a portion amortizing straight-line over 10 years and a portion over 15 years). During the third quarter of 2017, the previously variable earn-out liability was agreed to be modified to a fixed amount. Therefore, the earn-out liability was adjusted to $2.4 million, with a corresponding $0.9 million increase in the customer relationship intangible, being amortized over the original term. The transaction impacts the income statement primarily within brokerage income, personnel expense, and intangibles amortization. Baylake Corp. (“Baylake”): On April 29, 2016, the Company consummated its merger with Baylake. The system integration was completed, and 21 branches of Baylake opened, on May 2, 2016, as branches of the Bank, expanding its presence into Door, Kewaunee, and Manitowoc Counties, Wisconsin. The Company closed one of its Brown County locations concurrently with the Baylake merger, and closed an additional six branches in the fourth quarter of 2016. The purpose of the Baylake merger was for strategic reasons beneficial to the Company. The acquisition was consistent with its plan to drive growth and efficiency through increased scale, leverage the strengths of each bank across the combined customer base, enhance profitability, and add liquidity and shareholder value. Baylake shareholders received 0.4517 shares of the Company’s common stock for each outstanding share of Baylake common stock (except for Baylake shares pre-owned by the Company at the time of the merger), and cash in lieu of any fractional share. Pre-existing Baylake equity awards (restricted stock units and stock options) immediately vested upon consummation of the merger. The Company issued 0.4517 shares of its common stock for each vesting Baylake restricted stock unit, and Nicolet assumed, after appropriate adjustment by the 0.4517 exchange ratio, all pre-existing Baylake stock options. As a result, the Company issued 4,344,243 shares of the Company’s common stock, for common stock consideration of $163.3 million (based on $37.58 per share, the volume weighted average closing price of the Company’s common stock over the preceding 20 trading day period) and recorded an additional $1.2 million consideration for the assumed stock options. Approximately $0.3 million in direct stock issuance costs for the merger were incurred and charged against additional paid in capital. The Company accounted for the transaction under the acquisition method of accounting, and thus, the financial position and results of operations of Baylake prior to the consummation date were not included in the accompanying consolidated financial statements. The fair value of the assets acquired and liabilities assumed on April 29, 2016 was as follows: (in millions) As recorded by Fair Value As Recorded Cash, cash equivalents and securities available for sale $ 262 $ 1 $ 263 Loans 710 (19 ) 691 Other real estate owned 3 (2 ) 1 Core deposit intangible 1 16 17 Fixed assets and other assets 71 (8 ) 63 Total assets acquired $ 1,047 $ (12 ) $ 1,035 Deposits $ 822 $ - $ 822 Junior subordinated debentures, borrowings and other liabilities 116 (1 ) 115 Total liabilities acquired $ 938 $ (1 ) $ 937 Excess of assets acquired over liabilities acquired $ 109 $ (11 ) $ 98 Less: purchase price 164 Goodwill $ 66 The following unaudited pro forma information presents the results of operations for the three and nine months ended September 30, 2016, as if the Baylake acquisition had occurred January 1 of that year. These unaudited pro forma results are presented for illustrative purposes and are not intended to represent or be indicative of the actual results of operations of the combined company that would have been achieved had the acquisition occurred at the beginning of each period presented, nor are they intended to represent or be indicative of future results of operations. (in thousands, except per share data) Three Months Ended Nine Months Ended Total revenues, net of interest expense $ 29,436 $ 82,870 Net income 6,827 17,042 Diluted earnings per share 0.74 1.85 |
Earnings per Common Share
Earnings per Common Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 3 – Earnings per Common Share Basic earnings per common share are calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of shares adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock), if any. Presented below are the calculations for basic and diluted earnings per common share. Three Months Ended Nine Months Ended 2017 2016 2017 2016 (In thousands except per share data) Net income, net of noncontrolling interest $ 9,512 $ 6,464 $ 24,047 $ 12,375 Less: preferred stock dividends - 247 - 633 Net income available to common shareholders $ 9,512 $ 6,217 $ 24,047 $ 11,742 Weighted average common shares outstanding 9,837 8,608 9,317 6,689 Effect of dilutive stock instruments 572 362 504 335 Diluted weighted average common shares outstanding 10,409 8,970 9,821 7,024 Basic earnings per common share* $ 0.97 $ 0.72 $ 2.58 $ 1.76 Diluted earnings per common share* $ 0.91 $ 0.69 $ 2.45 $ 1.67 *Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted-average shares outstanding during the interim period, and not on an annualized weighted-average basis. Accordingly, the sum of the quarters' earnings per share data will not necessarily equal the year to date earnings per share data. There were no options outstanding at September 30, 2017 or September 30, 2016 that were excluded from the calculation of diluted earnings per common share as anti-dilutive. |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Note 4 – Stock-based Compensation A Black-Scholes model is utilized to estimate the fair value of stock options and the market price of the Company’s stock at the date of grant is used to estimate the value of restricted stock awards. The weighted average assumptions used in the model for valuing option grants were as follows: Nine Months Ended Year Ended Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 2.13 % 1.52 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 15.44 $ 11.04 Activity in the Company’s Stock Incentive Plans is summarized in the following tables: Option Shares Weighted- Exercisable Weighted- Balance – December 31, 2015 746,004 $ 21.56 325,979 $ 19.09 Granted (1) 170,500 36.86 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (84,723 ) 20.98 Forfeited (1,456 ) 21.71 Balance – December 31, 2016 922,026 24.39 439,639 $ 19.97 Granted (2) 814,500 48.86 Exercise of stock options* (65,833 ) 19.52 Forfeited (400 ) 16.50 Balance – September 30, 2017 1,670,293 $ 36.51 471,043 $ 21.49 *The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 4,443 shares were surrendered during the nine months ended September 30, 2017 and 10,244 shares were surrendered during the year ended December 31, 2016. These stock options were considered exercised and then surrendered and are included in the Exercise of stock option line. (1) (2) The following options were outstanding at September 30, 2017: Number of Shares Weighted-Average Exercise Weighted-Average Outstanding Exercisable Outstanding Exercisable Outstanding Exercisable $9.19 – $20.00 257,750 238,000 $ 16.30 $ 16.28 3.78 3.71 $20.01 – $25.00 241,455 110,055 23.68 23.54 6.54 5.89 $25.01 – $30.00 153,724 71,524 26.00 26.11 6.91 6.44 $30.01 – $40.00 202,864 51,464 35.88 34.76 8.64 8.27 $40.01 – $49.30 814,500 - 48.86 - 9.63 - 1,670,293 471,043 $ 36.51 $ 21.49 7.91 5.14 Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock options. The total intrinsic value of options exercised in the first nine months of 2017, and full year of 2016 was approximately $1.8 million and $1.3 million, respectively. Restricted Stock Weighted- Restricted Balance – December 31, 2015 $ 18.70 36,690 Granted 33.68 31,466 Vested* 23.58 (25,207 ) Forfeited - - Balance – December 31, 2016 26.80 42,949 Granted - - Vested * 22.47 (15,346 ) Forfeited 16.50 (130 ) Balance – September 30, 2017 $ 29.27 27,473 *The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly 4,553 shares were surrendered during the nine months ended September 30, 2017 and 7,851 shares were surrendered during the twelve months ended December 31, 2016. The Company recognized approximately $1.9 million and $1.1 million of stock-based employee compensation expense during the nine months ended September 30, 2017 and 2016, respectively, associated with its stock equity awards. As of September 30, 2017, there was approximately $15.2 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the weighted average remaining vesting period of approximately four years. |
Securities Available for Sale
Securities Available for Sale | 9 Months Ended |
Sep. 30, 2017 | |
Available-for-sale Securities [Abstract] | |
Securities Available for Sale | Note 5 – Securities Available for Sale Amortized costs and fair values of securities available for sale are summarized as follows: September 30, 2017 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 26,394 $ - $ 122 $ 26,272 State, county and municipals 189,226 521 1,031 188,716 Mortgage-backed securities 159,113 261 1,438 157,936 Corporate debt securities 32,203 541 - 32,744 Equity securities 1,288 1,261 - 2,549 $ 408,224 $ 2,584 $ 2,591 $ 408,217 December 31, 2016 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 1,981 $ - $ 18 $ 1,963 State, county and municipals 191,721 160 4,638 187,243 Mortgage-backed securities 161,309 242 2,422 159,129 Corporate debt securities 12,117 52 - 12,169 Equity securities 2,631 2,152 - 4,783 $ 369,759 $ 2,606 $ 7,078 $ 365,287 The following table represents gross unrealized losses and the related fair value of investment securities available for sale, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at September 30, 2017 and December 31, 2016. September 30, 2017 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. government sponsored enterprises $ 26,272 $ 122 $ - $ - $ 26,272 $ 122 State, county and municipals 63,924 352 46,677 679 110,601 1,031 Mortgage-backed securities 94,850 747 35,475 691 130,325 1,438 $ 185,046 $ 1,221 $ 82,152 $ 1,370 $ 267,198 $ 2,591 December 31, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. government sponsored enterprises $ 1,963 $ 18 $ - $ - $ 1,963 $ 18 State, county and municipals 167,457 4,629 1,300 9 168,757 4,638 Mortgage-backed securities 134,770 2,311 3,653 111 138,423 2,422 $ 304,190 $ 6,958 $ 4,953 $ 120 $ 309,143 $ 7,078 At September 30, 2017 the Company had $2.6 million of gross unrealized losses related to 507 securities. As of September 30, 2017, the Company does not consider securities with unrealized losses to be other-than-temporarily impaired as the unrealized losses in each category have occurred as a result of changes in interest rates and current market conditions subsequent to purchase, not credit deterioration. The Company has the ability and intent to hold its securities to maturity. There were no other-than-temporary impairments charged to earnings during the nine-month periods ending September 30, 2017 or September 30, 2016. The amortized cost and fair values of securities available for sale at September 30, 2017 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Fair values of securities are estimated based on financial models or prices paid for the same or similar securities. It is possible interest rates could change considerably, resulting in a material change in estimated fair value . September 30, 2017 (in thousands) Amortized Cost Fair Value Due in less than one year $ 13,262 $ 13,261 Due in one year through five years 96,098 96,410 Due after five years through ten years 130,477 129,769 Due after ten years 7,986 8,292 247,823 247,732 Mortgage-backed securities 159,113 157,936 Equity securities 1,288 2,549 Securities available for sale $ 408,224 $ 408,217 Proceeds from sales of securities available for sale during the first nine months of 2017 and 2016 were approximately $10.8 million and $30.3 million, respectively. During the first nine months of 2017, gross gains and losses realized were $1.2 million and $7,000, respectively, while gross gains and gross losses were $90,000 and $13,000, respectively, for the comparable nine months of 2016. |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses, and Credit Quality | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Loans, Allowance for Loan Losses, and Credit Quality | Note 6 – Loans, Allowance for Loan Losses, and Credit Quality The loan composition as of September 30, 2017 and December 31, 2016 is summarized as follows. Total September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 625,729 30.5 % $ 428,270 27.3 % Owner-occupied commercial real estate (“CRE”) 428,054 20.9 360,227 23.0 Agricultural (“AG”) production 36,352 1.8 34,767 2.2 AG real estate 48,443 2.4 45,234 2.9 CRE investment 303,448 14.8 195,879 12.5 Construction & land development 87,649 4.3 74,988 4.8 Residential construction 33,163 1.6 23,392 1.5 Residential first mortgage 363,116 17.7 300,304 19.1 Residential junior mortgage 102,654 5.0 91,331 5.8 Retail & other 22,514 1.0 14,515 0.9 Loans 2,051,122 100.0 % 1,568,907 100.0 % Less allowance for loan losses 12,610 11,820 Loans, net $ 2,038,512 $ 1,557,087 Allowance for loan losses to loans 0.61 % 0.75 % Originated September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 470,700 40.4 % $ 330,073 36.6 % Owner-occupied CRE 221,556 19.0 182,776 20.3 AG production 11,605 1.0 9,192 1.0 AG real estate 23,876 2.0 18,858 2.1 CRE investment 98,328 8.4 72,930 8.1 Construction & land development 55,387 4.7 44,147 4.9 Residential construction 27,129 2.3 20,768 2.3 Residential first mortgage 180,509 15.5 164,949 18.3 Residential junior mortgage 60,207 5.2 48,199 5.3 Retail & other 17,092 1.5 10,095 1.1 Loans 1,166,389 100.0 % 901,987 100.0 % Less allowance for loan losses 10,406 9,449 Loans, net $ 1,155,983 $ 892,538 Allowance for loan losses to loans 0.89 % 1.05 % Acquired September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 155,029 17.5 % $ 98,197 14.7 % Owner-occupied CRE 206,498 23.3 177,451 26.6 AG production 24,747 2.8 25,575 3.8 AG real estate 24,567 2.8 26,376 4.0 CRE investment 205,120 23.2 122,949 18.4 Construction & land development 32,262 3.7 30,841 4.6 Residential construction 6,034 0.7 2,624 0.4 Residential first mortgage 182,607 20.6 135,355 20.3 Residential junior mortgage 42,447 4.8 43,132 6.5 Retail & other 5,422 0.6 4,420 0.7 Loans 884,733 100.0 % 666,920 100.0 % Less allowance for loan losses 2,204 2,371 Loans, net $ 882,529 $ 664,549 Allowance for loan losses to loans 0.25 % 0.36 % Practically all of the Company’s loans, commitments, financial letters of credit and standby letters of credit have been granted to customers in the Company’s market area. Although the Company has a diversified loan portfolio, the credit risk in the loan portfolio is largely influenced by general economic conditions and trends of the counties and markets in which the debtors operate, and the resulting impact on the operations of borrowers or on the value of underlying collateral, if any. The allowance for loan and lease losses (“ALLL”) represents management’s estimate of probable and inherent credit losses in the Company’s loan portfolio at the balance sheet date. In general, estimating the amount of the ALLL is a function of a number of factors, including but not limited to changes in the loan portfolio, net charge-offs, trends in past due and impaired loans, and the level of potential problem loans, all of which may be susceptible to significant change. To the extent actual outcomes differ from management estimates, additional provisions for loan losses could be required that could adversely affect our earnings or financial position in future periods. Allocations to the ALLL may be made for specific loans but the entire ALLL is available for any loan that, in management’s judgment, should be charged-off or for which an actual loss is realized. The allocation methodology used by the Company includes specific allocations for impaired loans evaluated individually for impairment based on collateral values and for the remaining loan portfolio collectively evaluated for impairment primarily based on historical loss rates and other qualitative factors. Loan charge-offs and recoveries are based on actual amounts charged-off or recovered by loan category. Management allocates the ALLL by pools of risk within each loan portfolio. The following tables present the balance and activity in the ALLL by portfolio segment and the recorded investment in loans by portfolio at or for the nine months ended September 30, 2017: TOTAL – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Provision 2,183 (253 ) 16 (17 ) 132 (19 ) (137 ) (124 ) 4 90 1,875 Charge-offs (1,097 ) - - - - (13 ) - (8 ) - (38 ) (1,156 ) Recoveries 20 29 - - 1 - - 6 2 13 71 Net charge-offs (1,077 ) 29 - - 1 (13 ) - (2 ) 2 (25 ) (1,085 ) Ending balance $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 As percent of ALLL 39.9 % 21.0 % 1.3 % 2.1 % 10.0 % 5.9 % 1.3 % 13.1 % 3.7 % 1.7 % 100.0 % ALLL: Individually evaluated $ 226 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 226 Collectively evaluated 4,799 2,643 166 268 1,257 742 167 1,658 467 217 12,384 Ending balance $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 Loans: Individually evaluated $ 5,071 $ 1,116 $ - $ 218 $ 4,845 $ 723 $ 80 $ 1,619 $ 60 $ - $ 13,732 Collectively evaluated 620,658 426,938 36,352 48,225 298,603 86,926 33,083 361,497 102,594 22,514 2,037,390 Total loans $ 625,729 $ 428,054 $ 36,352 $ 48,443 $ 303,448 $ 87,649 $ 33,163 $ 363,116 $ 102,654 $ 22,514 $ 2,051,122 Less ALLL $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 Net loans $ 620,704 $ 425,411 $ 36,186 $ 48,175 $ 302,191 $ 86,907 $ 32,996 $ 361,458 $ 102,187 $ 22,297 $ 2,038,512 Originated – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Provision 2,128 (167 ) 19 (11 ) 140 (20 ) (135 ) (44 ) 13 82 2,005 Charge-offs (1,043 ) - - - - - - (8 ) - (38 ) (1,089 ) Recoveries 1 24 - - - - - 1 2 13 41 Net charge-offs (1,042 ) 24 - - - - - (7 ) 2 (25 ) (1,048 ) Ending balance $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 As percent of ALLL 40.7 % 20.4. % 1.4 % 2.0 % 9.9 % 6.1 % 1.3 % 12.7 % 3.7 % 1.8 % 100.0 % ALLL: Individually evaluated $ 226 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 226 Collectively evaluated 4,010 2,120 141 211 1,033 636 131 1,321 388 189 10,180 Ending balance $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 Loans: Individually evaluated $ 615 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 615 Collectively evaluated 470,085 221,556 11,605 23,876 98,328 55,387 27,129 180,509 60,207 17,092 1,165,774 Total loans $ 470,700 $ 221,556 $ 11,605 $ 23,876 $ 98,328 $ 55,387 $ 27,129 $ 180,509 $ 60,207 $ 17,092 $ 1,166,389 Less ALLL $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 Net loans $ 466,464 $ 219,436 $ 11,464 $ 23,665 $ 97,295 $ 54,751 $ 26,998 $ 179,188 $ 59,819 $ 16,903 $ 1,155,983 Acquired – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 Provision 55 (86 ) (3 ) (6 ) (8 ) 1 (2 ) (80 ) (9 ) 8 (130 ) Charge-offs (54 ) - - - - (13 ) - - - - (67 ) Recoveries 19 5 - - 1 - - 5 - - 30 Net charge-offs (35 ) 5 - - 1 (13 ) - 5 - - (37 ) Ending balance $ 789 $ 523 $ 25 $ 57 $ 224 $ 106 $ 36 $ 337 $ 79 $ 28 $ 2,204 As percent of ALLL 35.8 % 23.7 % 1.1 % 2.6 % 10.2 % 4.8 % 1.6 % 15.3 % 3.6 % 1.3 % 100.0 % Loans: Individually evaluated $ 4,456 $ 1,116 $ - $ 218 $ 4,845 $ 723 $ 80 $ 1,619 $ 60 $ - $ 13,117 Collectively evaluated 150,573 205,382 24,747 24,349 200,275 31,539 5,954 180,988 42,387 5,422 871,616 Total loans $ 155,029 $ 206,498 $ 24,747 $ 24,567 $ 205,120 $ 32,262 $ 6,034 $ 182,607 $ 42,447 $ 5,422 $ 884,733 Less ALLL $ 789 $ 523 $ 25 $ 57 $ 224 $ 106 $ 36 $ 337 $ 79 $ 28 $ 2,204 Net loans $ 154,240 $ 205,975 $ 24,722 $ 24,510 $ 204,896 $ 32,156 $ 5,998 $ 182,270 $ 42,368 $ 5,394 $ 882,529 The following table presents the balance and activity in the ALLL by portfolio segment and the recorded investment in loans by portfolio at or for the nine months ended September 30, 2016. TOTAL – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Provision 745 710 40 (77 ) 23 (586 ) 176 188 42 89 1,350 Charge-offs (279 ) (61 ) - - - - - - (53 ) (39 ) (432 ) Recoveries 17 3 - - 221 - - 5 7 3 256 Net charge-offs (262 ) (58 ) - - 221 - - 5 (46 ) (36 ) (176 ) Ending balance $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 As percent of ALLL 36.6 % 22.5 % 1.1 % 2.6 % 9.0 % 7.5 % 2.8 % 12.5 % 4.3 % 1.1 % 100.0 % ALLL: Individually evaluated $ 96 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 96 Collectively evaluated 4,108 2,585 125 303 1,029 860 323 1,433 492 127 11,385 Ending balance $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 Loans: Individually evaluated $ 662 $ 2,666 $ 53 $ 240 $ 13,466 $ 722 $ 287 $ 2,303 $ 181 $ - $ 20,580 Collectively evaluated 423,128 359,888 34,024 45,431 184,418 67,439 27,044 282,350 95,720 14,102 1,533,544 Total loans $ 423,790 $ 362,554 $ 34,077 $ 45,671 $ 197,884 $ 68,161 $ 27,331 $ 284,653 $ 95,901 $ 14,102 $ 1,554,124 Less ALLL $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 Net loans $ 419,586 $ 359,969 $ 33,952 $ 45,368 $ 196,855 $ 67,301 $ 27,008 $ 283,220 $ 95,409 $ 13,975 $ 1,542,643 Originated – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Provision 426 408 29 (73 ) (70 ) (633 ) 130 85 16 80 398 Charge-offs (262 ) (3 ) - - - - - - (53 ) (38 ) (356 ) Recoveries - 3 - - 221 - - - 6 2 232 Net charge-offs (262 ) - - - 221 - - - (47 ) (36 ) (124 ) Ending balance $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 As percent of ALLL 36.7 % 22.0 % 1.1 % 2.5 % 8.9 % 8.3 % 3.1 % 11.9 % 4.3 % 1.2 % 100.0 % ALLL: Individually evaluated $ 96 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 96 Collectively evaluated 3,203 1,975 100 226 797 748 277 1,072 387 107 8,892 Ending balance $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 Loans: Individually evaluated $ 319 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 319 Collectively evaluated 321,203 181,107 8,857 18,222 72,182 34,916 20,964 138,103 47,346 9,179 852,079 Total loans $ 321,522 $ 181,107 $ 8,857 $ 18,222 $ 72,182 $ 34,916 $ 20,964 $ 138,103 $ 47,346 $ 9,179 $ 852,398 Less ALLL $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 Net loans $ 318,223 $ 179,132 $ 8,757 $ 17,996 $ 71,385 $ 34,168 $ 20,687 $ 137,031 $ 46,959 $ 9,072 $ 843,410 Acquired – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Provision 319 302 11 (4 ) 93 47 46 103 26 9 952 Charge-offs (17 ) (58 ) - - - - - - - (1 ) (76 ) Recoveries 17 - - - - - - 5 1 1 24 Net charge-offs - (58 ) - - - - - 5 1 - (52 ) Ending balance $ 905 $ 610 $ 25 $ 77 $ 232 $ 112 $ 46 $ 361 $ 105 $ 20 $ 2,493 As percent of ALLL 36.3 % 24.5 % 1.0 % 3.1 % 9.3 % 4.5 % 1.8 % 14.5 % 4.2 % 0.8 % 100.0 % Loans: Individually evaluated $ 343 $ 2,666 $ 53 $ 240 $ 13,466 $ 722 $ 287 $ 2,303 $ 181 $ - $ 20,261 Collectively evaluated 101,925 178,781 25,167 27,209 112,236 32,523 6,080 144,247 48,374 4,923 681,465 Total loans $ 102,268 $ 181,447 $ 25,220 $ 27,449 $ 125,702 $ 33,245 $ 6,367 $ 146,550 $ 48,555 $ 4,923 $ 701,726 Less ALLL $ 905 $ 610 $ 25 $ 77 $ 232 $ 112 $ 46 $ 361 $ 105 $ 20 $ 2,493 Net loans $ 101,363 $ 180,837 $ 25,195 $ 27,372 $ 125,470 $ 33,133 $ 6,321 $ 146,189 $ 48,450 $ 4,903 $ 699,233 The following table presents nonaccrual loans by portfolio segment in total and then as a further breakdown by originated or acquired as of September 30, 2017 and December 31, 2016. Total Nonaccrual Loans (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 5,078 35.2 % $ 358 1.8 % Owner-occupied CRE 1,276 8.8 2,894 14.3 AG production 2 - 9 0.1 AG real estate 186 1.3 208 1.0 CRE investment 4,537 31.4 12,317 60.6 Construction & land development 723 5.0 1,193 5.9 Residential construction 80 0.6 260 1.3 Residential first mortgage 2,301 16.0 2,990 14.7 Residential junior mortgage 239 1.7 56 0.3 Retail & other - - - - Nonaccrual loans - Total $ 14,422 100.0 % $ 20,285 100.0 % Originated (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 615 62.3 % $ 4 1.6 % Owner-occupied CRE 38 3.8 42 16.3 AG production 2 0.2 7 2.7 AG real estate - - - - CRE investment - - - - Construction & land development - - - - Residential construction - - - - Residential first mortgage 333 33.7 204 79.4 Residential junior mortgage - - - - Retail & other - - - - Nonaccrual loans - Originated $ 988 100.0 % $ 257 100.0 % Acquired (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 4,463 33.2 % $ 354 1.8 % Owner-occupied CRE 1,238 9.2 2,852 14.2 AG production - - 2 0.1 AG real estate 186 1.4 208 1.0 CRE investment 4,537 33.8 12,317 61.4 Construction & land development 723 5.4 1,193 6.0 Residential construction 80 0.6 260 1.3 Residential first mortgage 1,968 14.6 2,786 13.9 Residential junior mortgage 239 1.8 56 0.3 Retail & other - - - - Nonaccrual loans – Acquired $ 13,434 100.0 % $ 20,028 100.0 % The following tables present total past due loans by portfolio segment as of September 30, 2017 and December 31, 2016: September 30, 2017 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 303 $ 5,078 $ 620,348 $ 625,729 Owner-occupied CRE 229 1,276 426,549 428,054 AG production - 2 36,350 36,352 AG real estate - 186 48,257 48,443 CRE investment - 4,537 298,911 303,448 Construction & land development 38 723 86,888 87,649 Residential construction 1,085 80 31,998 33,163 Residential first mortgage 537 2,301 360,278 363,116 Residential junior mortgage 23 239 102,392 102,654 Retail & other 4 - 22,510 22,514 Total loans $ 2,219 $ 14,422 $ 2,034,481 $ 2,051,122 As a percent of total loans 0.1 % 0.7 % 99.2 % 100.0 % December 31, 2016 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 22 $ 358 $ 427,890 $ 428,270 Owner-occupied CRE 268 2,894 357,065 360,227 AG production - 9 34,758 34,767 AG real estate - 208 45,026 45,234 CRE investment - 12,317 183,562 195,879 Construction & land development - 1,193 73,795 74,988 Residential construction - 260 23,132 23,392 Residential first mortgage 486 2,990 296,828 300,304 Residential junior mortgage 200 56 91,075 91,331 Retail & other 15 - 14,500 14,515 Total loans $ 991 $ 20,285 $ 1,547,631 $ 1,568,907 As a percent of total loans 0.1 % 1.3 % 98.6 % 100.0 % A description of the loan risk categories used by the Company follows: 1-4 Pass: Credits exhibit adequate cash flows, appropriate management and financial ratios within industry norms and/or are supported by sufficient collateral. Some credits in these rating categories may require a need for monitoring but elements of concern are not severe enough to warrant an elevated rating. 5 Watch: Credits with this rating are adequately secured and performing but are being monitored due to the presence of various short-term weaknesses which may include unexpected, short-term adverse financial performance, managerial problems, potential impact of a decline in the entire industry or local economy and delinquency issues. Loans to individuals or loans supported by guarantors with marginal net worth or collateral may be included in this rating category. 6 Special Mention: Credits with this rating have potential weaknesses that, without the Company’s attention and correction may result in deterioration of repayment prospects. These assets are considered Criticized Assets. Potential weaknesses may include adverse financial trends for the borrower or industry, repeated lack of compliance with Company requests, increasing debt to net worth, serious management conditions and decreasing cash flow. 7 Substandard: Assets with this rating are characterized by the distinct possibility the Company will sustain some loss if deficiencies are not corrected. All foreclosures, liquidations, and non-accrual loans are considered to be categorized in this rating, regardless of collateral sufficiency. 8 Doubtful: Assets with this rating exhibit all the weaknesses as one rated Substandard with the added characteristic that such weaknesses make collection or liquidation in full highly questionable. 9 Loss: Assets in this category are considered uncollectible. Pursuing any recovery or salvage value is impractical but does not preclude partial recovery in the future. The following tables present total loans by loan grade as of September 30, 2017 and December 31, 2016: September 30, 2017 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 594,129 $ 15,356 $ 4,585 $ 11,659 $ - $ - $ 625,729 Owner-occupied CRE 402,021 22,058 1,348 2,627 - - 428,054 AG production 31,245 4,067 - 1,040 - - 36,352 AG real estate 40,982 4,845 - 2,616 - - 48,443 CRE investment 288,346 9,191 - 5,911 - - 303,448 Construction & land development 85,932 627 17 1,073 - - 87,649 Residential construction 33,083 - - 80 - - 33,163 Residential first mortgage 356,985 2,207 779 3,145 - - 363,116 Residential junior mortgage 102,281 17 - 356 - - 102,654 Retail & other 22,514 - - - - - 22,514 Total loans $ 1,957,518 $ 58,368 $ 6,729 $ 28,507 $ - $ - $ 2,051,122 Percent of total 95.4 % 2.9 % 0.3 % 1.4 % - - 100.0 % December 31, 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 401,954 $ 16,633 $ 2,133 $ 7,550 $ - $ - $ 428,270 Owner-occupied CRE 340,846 14,758 193 4,430 - - 360,227 AG production 31,026 3,191 70 480 - - 34,767 AG real estate 41,747 2,727 - 760 - - 45,234 CRE investment 173,652 8,137 - 14,090 - - 195,879 Construction & land development 69,097 4,318 - 1,573 - - 74,988 Residential construction 22,030 1,102 - 260 - - 23,392 Residential first mortgage 295,109 1,348 192 3,655 - - 300,304 Residential junior mortgage 91,123 - 114 94 - - 91,331 Retail & other 14,515 - - - - - 14,515 Total loans $ 1,481,099 $ 52,214 $ 2,702 $ 32,892 $ - $ - $ 1,568,907 Percent of total 94.4 % 3.3 % 0.2 % 2.1 % - - 100.0 % Management considers a loan to be impaired when it is probable the Company will be unable to collect all contractual principal and interest payments due in accordance with the terms of the loan agreement. For determining the adequacy of the ALLL, management defines impaired loans as nonaccrual credit relationships over $250,000, all loans determined to be troubled debt restructurings, plus additional loans with impairment risk characteristics. At the time an individual loan goes into nonaccrual status, however, management evaluates the loan for impairment and possible charge-off regardless of loan size. In determining the appropriateness of the ALLL, management includes allocations for specifically identified impaired loans and loss factor allocations for all remaining loans, with a component primarily based on historical loss rates and another component primarily based on other qualitative factors. Impaired loans are individually assessed and are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. Loans that are determined not to be impaired are collectively evaluated for impairment, stratified by type and allocated loss ranges based on the Company’s actual historical loss ratios for each strata, and adjustments are also provided for certain current environmental and qualitative factors. An internal loan review function rates loans using a grading system based on nine different categories. Loans with grades of seven or higher (“classified loans”) represent loans with a greater risk of loss and may be assigned allocations for loss based on specific review of the weaknesses observed in the individual credits if classified as impaired. Classified loans are constantly monitored by the loan review function to ensure early identification of any deterioration. The following tables present impaired loans and then as a further breakdown by originated or acquired as of September 30, 2017 and December 31, 2016. Total Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 5,071 $ 12,275 $ 226 $ 5,057 $ 469 Owner-occupied CRE 1,116 2,793 - 1,185 96 AG production - 15 - - - AG real estate 218 308 - 229 25 CRE investment 4,845 8,863 - 5,099 353 Construction & land development 723 1,189 - 743 44 Residential construction 80 983 - 94 27 Residential first mortgage 1,619 2,971 - 1,699 121 Residential junior mortgage 60 500 - 64 6 Retail & Other - 14 - - - Total $ 13,732 $ 29,911 $ 226 $ 14,170 $ 1,141 Originated Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 615 $ 615 $ 226 $ 615 $ 91 Owner-occupied CRE - - - - - AG production - - - - - AG real estate - - - - - CRE investment - - - - - Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 615 $ 615 $ 226 $ 615 $ 91 Acquired Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 4,456 $ 11,660 $ - $ 4,442 $ 378 Owner-occupied CRE 1,116 2,793 - 1,185 96 AG production - 15 - - - AG real estate 218 308 - 229 25 CRE investment 4,845 8,863 - 5,099 353 Construction & land development 723 1,189 - 743 44 Residential construction 80 983 - 94 27 Residential first mortgage 1,619 2,971 - 1,699 121 Residential junior mortgage 60 500 - 64 6 Retail & Other - 14 - - - Total $ 13,117 $ 29,296 $ - $ 13,555 $ 1,050 Total Impaired Loans – December 31, 2016 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 338 $ 720 $ - $ 348 $ 34 Owner-occupied CRE 2,588 4,661 - 2,700 271 AG production 41 163 - 48 6 AG real estate 240 332 - 245 26 CRE investment 12,552 19,695 - 12,982 1,051 Construction & land development 694 2,122 - 752 112 Residential construction 261 1,348 - 287 82 Residential first mortgage 2,204 3,706 - 2,312 190 Residential junior mortgage 299 639 - 209 17 Retail & Other - 36 - - - Total $ 19,217 $ 33,422 $ - $ 19,883 $ 1,789 There were no originated impaired loans as of December 31, 2016. All loans in the table above were acquired loans. In April 2017, the First Menasha merger added purchased credit impaired loans at a fair value of $5.4 million, net of an initial $5.9 million non-accretable mark. Also, during the third quarter a loan of $3.1 million was acquired, net of an initial $2.4 million non-accretable mark. Including these credit impaired loans acquired in the First Menasha merger and third quarter acquisition, total purchased credit impaired loans acquired in aggregate were initially recorded at a fair value of $43.6 million on their respective acquisition dates, net of an initial $34.4 million non-accretable mark and a zero accretable mark. At September 30, 2017, $12.3 million of the $43.6 million remain in impaired loans and $0.8 million of acquired loans have subsequently become impaired, bringing acquired impaired loans to $13.1 million. Non-accretable discount on purchase credit impaired (“PCI”) loans Nine Months Ended Year ended (in thousands) September 30, 2017 December 31, 2016 Balance at beginning of period $ 14,327 $ 4,229 Acquired balance, net 8,352 13,923 Accretion to loan interest income (5,925 ) (3,458 ) Disposals of loans (1,121 ) (367 ) Balance at end of period $ 15,633 $ 14,327 Troubled Debt Restructurings During the quarter ended September 30, 2017, there were two additional loans that were restructured. One loan was an existing PCI loan which was restructured as part of a new agreement with a loan amount of $3.5 million. The other loan was an acquired loan for $0.7 million in which terms were extended subsequent to acquisition. At September 30, 2017, there were seven loans classified as troubled debt restructurings totaling $5.2 million. These seven loans had a combined premodification balance of $5.2 million. There were no other loans which were modified and classified as troubled debt restructurings at September 30, 2017. There were no loans classified as troubled debt restructurings during the previous twelve months that subsequently defaulted as of September 30, 2017. Loans which were considered troubled debt restructurings by First Menasha and Baylake prior to acquisition are not required to be classified as troubled debt restructurings in the Company’s consolidated financial statements unless and until such loans subsequently meet criteria to be classified as such, since acquired loans were recorded at their estimated fair values at the time of the acquisition. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets and Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets and Mortgage Servicing Rights | Note 7 – Goodwill, Intangible Assets and Mortgage Servicing Rights Management periodically reviews the carrying value of its long-lived and intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life which would impact expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible. The Company’s annual assessments indicated no impairment charge on goodwill or other intangibles was required for 2016 or the first nine months of 2017. Goodwill Other intangible assets (in thousands) September 30, 2017 December 31, 2016 Core deposit intangibles: Gross carrying amount $ 29,015 $ 25,345 Accumulated amortization (11,469 ) (8,244 ) Net book value $ 17,546 $ 17,101 Additions during the period $ 3,670 $ 17,259 Amortization during the period $ 3,225 $ 3,189 Customer list intangibles: Gross carrying amount $ 5,233 $ 4,363 Accumulated amortization (558 ) (269 ) Net book value $ 4,675 $ 4,094 Additions during the period $ 870 $ 4,363 Amortization during the period $ 289 $ 269 Mortgage servicing rights (in thousands) September 30, 2017 December 31, 2016 Mortgage servicing rights (MSR) asset: MSR asset at beginning of year $ 1,922 $ 193 Capitalized MSR 679 1,023 MSR asset acquired 874 885 Amortization during the period (339 ) (179 ) Valuation allowance at end of period - - Net book value at end of period $ 3,136 $ 1,922 Fair value of MSR asset at end of period $ 4,116 $ 2,013 Residential mortgage loans serviced for others 509,897 $ 295,353 Net book value of MSR asset to loans serviced for others 0.62 % 0.65 % The Company periodically evaluates its mortgage servicing rights asset for impairment. At each reporting date, impairment is assessed based on an estimated fair value using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans serviced (predominantly loan type and note interest rate). No valuation or impairment charge was recorded for 2016 or year to date 2017. The following table shows the estimated future amortization expense for amortizing intangible assets. The projections are based on existing asset balances, the current interest rate environment and prepayment speeds as of the September 30, 2017. The actual amortization expense the Company recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements and events or circumstances that indicate the carrying amount of an asset may not be recoverable. (in thousands) Core deposit Customer list MSR asset Year ending December 31, 2017 (remaining three months) $ 1,070 $ 112 $ 136 2018 3,915 449 544 2019 3,337 449 544 2020 2,657 449 677 2021 2,167 449 301 Thereafter 4,400 2,767 934 Total $ 17,546 $ 4,675 $ 3,136 |
Notes Payable
Notes Payable | 9 Months Ended |
Sep. 30, 2017 | |
Notes Payable [Abstract] | |
Notes Payable | Note 8 – Notes Payable The Company had the following long-term notes payable (notes with original maturities of greater than one year): (in thousands) September 30, 2017 December 31, 2016 Federal Home Loan Bank (“FHLB”) advances $ 41,571 $ 1,000 Notes payable $ 41,571 $ 1,000 The Company’s FHLB advances bear fixed rates, require interest-only monthly payments, and have maturities ranging from December 2017 to November 2022. The weighted average rates of FHLB advances were 1.65% at September 30, 2017 and 1.17% at December 31, 2016. FHLB advances are collateralized by a blanket lien on qualifying first mortgages, home equity loans, multi-family loans and certain farmland loans which totaled $330.7 million and $283.8 million at September 30, 2017 and December 31, 2016, respectively. The following table shows the maturity schedule of the notes payable as of September 30, 2017: Maturing in (in thousands) 2017 (remaining three months) $ 5,018 2018 1,000 2019 - 2020 10,000 2021 - 2022 25,553 $ 41,571 The Company has a $10 million line of credit with a third party bank, bearing a variable rate of interest based on one-month LIBOR plus a margin, but subject to a floor rate, with quarterly payments of interest only. At September 30, 2017, the available line was $10 million, the rate was one-month LIBOR plus 2.25% with a 3.25% floor. The outstanding balance was zero at September 30, 2017 and December 31, 2016, and the line was not used during 2017 or 2016. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 9 Months Ended |
Sep. 30, 2017 | |
Subordinated Borrowings [Abstract] | |
Junior Subordinated Debentures | Note 9 – Junior Subordinated Debentures At September 30, 2017 and December 31, 2016, the Company’s carrying value of junior subordinated debentures was $29.5 million and $24.7 million, respectively. At September 30, 2017 and December 31, 2016, $28.3 million and $23.6 million, respectively, of guaranteed preferred beneficial interests (“trust preferred securities”) qualify as Tier 1 capital under the Federal Reserve Bank guidelines. The following table shows the breakdown of junior subordinated debentures as of September 30, 2017 and December 31, 2016. Interest on all debentures is current. Any applicable discounts (initially recorded to carry an acquired debenture at its then estimated fair market value) are being accreted to interest expense over the remaining life of the debentures. All the debentures below are currently callable and may be redeemed in part or in full plus any accrued but unpaid interest. Junior Subordinated Debentures (in thousands) Maturity Par 9/30/2017 9/30/2017 12/31/2016 2004 Nicolet Bankshares Statutory Trust (1) 7/15/2034 $ 6,186 $ - $ 6,186 $ 6,186 2005 Mid-Wisconsin Financial Services, Inc. (2) 12/15/2035 10,310 (3,620 ) 6,690 6,540 2006 Baylake Corp. (3) 9/30/2036 16,598 (4,415 ) 12,183 12,006 2004 First Menasha Bancshares, Inc. (4) 3/17/2034 5,155 (717 ) 4,438 - Total $ 38,249 $ (8,752 ) $ 29,497 $ 24,732 (1) The interest rate is 8.00% fixed. (2) The debentures, assumed in April 2013 as the result of acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 2.75% and 2.39% as of September 30, 2017 and December 31, 2016, respectively. (3) The debentures, assumed in April 2016 as a result of acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 2.69% and 2.35% as of September 30, 2017 and December 31, 2016, respectively. (4) The debentures, assumed in April 2017 as the result of acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rate was 4.11% as of September 30, 2017. Underlying respective statutory trusts (the “statutory trusts”) issued trust preferred securities and common securities. The proceeds from the issuance of the common and the trust preferred securities were used by each trust to purchase junior subordinated debentures of the Company. The debentures represent the sole asset of the statutory trusts. All of the common securities of the statutory trusts are owned by the Company. The statutory trusts are not included in the consolidated financial statements. The net effect of all the documents entered into with respect to the trust preferred securities is that the Company, through payments on its debentures, is liable for the distributions and other payments required on the trust preferred securities. |
Subordinated Notes
Subordinated Notes | 9 Months Ended |
Sep. 30, 2017 | |
Subordinated Debt [Abstract] | |
Subordinated Notes | Note 10 – Subordinated Notes In 2015 the Company placed an aggregate of $12 million in subordinated Notes in private placements with certain accredited investors. All Notes were issued with 10-year maturities, have a fixed annual interest rate of 5% payable quarterly, are callable on or after the fifth anniversary of their respective issuances dates, and qualify for Tier 2 capital for regulatory purposes. At September 30, 2017, the carrying value of these subordinated notes was $11.9 million. The $180,000 debt issuance costs associated with the $12 million Notes are being amortized on a straight line basis over the first five years, representing the no-call periods, as additional interest expense. As of September 30, 2017 and December 31, 2016, respectively, $88,000 and $115,000, of unamortized debt issuance costs remain and are reflected as a reduction to the carrying value of the outstanding debt. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 – Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or transfer a liability would take place between market participants at the measurement date under current market conditions (i.e. an exit price concept), and is a market-based measurement versus an entity-specific measurement. As provided for by accounting standards, the Company records and/or discloses financial instruments on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the assumptions used to determine fair value. These levels are: Level 1 - quoted market prices in active markets for identical assets or liabilities that a company has the ability to access at the measurement date; Level 2 - inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly; Level 3 – significant unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the fair value measurement is based on inputs from different levels, the level within which the entire fair value measurement will be categorized is based on the lowest level input that is significant to the fair value measurement in its entirety; this assessment of the significance of an input requires management judgment. Disclosure of the fair value of financial instruments, whether recognized or not recognized in the balance sheet, is required for those instruments for which it is practicable to estimate that value, with the exception of certain financial instruments and all nonfinancial instruments as provided for by the accounting standards. For financial instruments recognized at fair value in the consolidated balance sheets, the fair value disclosure requirements also apply. Recurring basis fair value measurements: The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. During the second quarter of 2017, three securities classified as Level 3 were acquired with the First Menasha acquisition with a fair value of $0.2 million. The remaining changes in Level 3 were due to pay downs. Fair Value Measurements Using Measured at Fair Value on a Recurring Basis: Total Level 1 Level 2 Level 3 (in thousands) U.S. government sponsored enterprises $ 26,272 $ - $ 26,272 $ - State, county and municipals 188,716 - 188,057 659 Mortgage-backed securities 157,936 - 157,929 7 Corporate debt securities 32,744 - 24,254 8,490 Equity securities 2,549 2,549 - - Securities AFS, September 30, 2017 $ 408,217 $ 2,549 $ 396,512 $ 9,156 (in thousands) U.S. government sponsored enterprises $ 1,963 $ - $ 1,963 $ - State, county and municipals 187,243 - 186,717 526 Mortgage-backed securities 159,129 - 159,076 53 Corporate debt securities 12,169 - 3,640 8,529 Equity securities 4,783 4,783 - - Securities AFS, December 31, 2016 $ 365,287 $ 4,783 $ 351,396 $ 9,108 The following is a description of the valuation methodologies used by the Company for the Securities AFS noted in the tables of this footnote. Where quoted market prices on securities exchanges are available, the investment is classified as Level 1. Level 1 investments primarily include exchange-traded equity securities available for sale. If quoted market prices are not available, fair value is generally determined using prices obtained from independent pricing vendors who use pricing models (with typical inputs including benchmark yields, reported trades for similar securities, issuer spreads or relationship to other benchmark quoted securities), or discounted cash flows, and are classified as Level 2. Examples of these investments include mortgage-related securities and obligations of state, county and municipals. Finally, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, investments are classified within Level 3 of the hierarchy. Examples of these include private municipal bonds and corporate debt securities, which include trust preferred security investments. At September 30, 2017 and December 31, 2016, it was determined that carrying value was the best approximation of fair value for all of the Level 3 securities, based primarily on the internal analysis on these securities. Nonrecurring basis fair value measurements: The following table presents the Company’s impaired loans and other real estate owned (“OREO”) measured at fair value on a nonrecurring basis for the periods presented. Measured at Fair Value on a Nonrecurring Basis Fair Value Measurements Using (in thousands) Total Level 1 Level 2 Level 3 September 30, 2017: Impaired loans $ 13,506 $ - $ - $ 13,506 OREO 1,314 - - 1,314 December 31, 2016: Impaired loans $ 19,217 $ - $ - $ 19,217 OREO 2,059 - - 2,059 The following is a description of the valuation methodologies used by the Company for the items noted in the table above, including the general classification of such instruments in the fair value hierarchy. For individually evaluated impaired loans, the amount of impairment is based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the estimated fair value of the underlying collateral for collateral-dependent loans, or the estimated liquidity of the note. For OREO, the fair value is based upon the estimated fair value of the underlying collateral adjusted for the expected costs to sell. Financial instruments: The carrying amounts and estimated fair values of the Company’s financial instruments at September 30, 2017 and December 31, 2016 are shown below. September 30, 2017 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 96,103 $ 96,103 $ 96,103 $ - $ - Certificates of deposit in other banks 2,494 2,495 - 2,495 - Securities AFS 408,217 408,217 2,549 396,512 9,156 Other investments 14,931 14,931 - 13,236 1,695 Loans held for sale 6,963 7,089 - 7,089 - Loans, net 2,038,512 2,030,248 - - 2,030,248 BOLI 63,989 63,989 63,989 - - MSR asset 3,136 4,116 - - 4,116 Financial liabilities: Deposits $ 2,366,951 $ 2,366,199 $ - $ - $ 2,366,199 Short-term borrowings 12,900 12,900 12,900 - - Notes payable 41,571 41,708 - 41,708 - Junior subordinated debentures 29,497 28,907 - - 28,907 Subordinated notes 11,912 11,417 - - 11,417 December 31, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 129,103 $ 129,103 $ 129,103 $ - $ - Certificates of deposit in other banks 3,984 3,992 - 3,992 - Securities AFS 365,287 365,287 4,783 351,396 9,108 Other investments 17,499 17,499 - 15,779 1,720 Loans held for sale 6,913 6,968 - 6,968 - Loans, net 1,557,087 1,568,676 - - 1,568,676 BOLI 54,134 54,134 54,134 - - MSR asset 1,922 2,013 - - 2,013 Financial liabilities: Deposits $ 1,969,986 $ 1,969,973 $ - $ - $ 1,969,973 Notes payable 1,000 1,002 - 1,002 - Junior subordinated debentures 24,732 24,095 - - 24,095 Subordinated notes 11,885 11,459 - - 11,459 Not all the financial instruments listed in the table above are subject to the disclosure provisions of Accounting Standards Codification (“ASC”) 820, Fair Value Measurements and Disclosures, Certificates of deposits in other banks: Other investments: Loans held for sale: Loans, net Mortgage servicing rights asset: Deposits Notes payable Junior subordinated debentures and subordinated notes Off-balance-sheet instruments Limitations |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
General | General In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly Nicolet Bankshares, Inc. (the “Company”) and its subsidiaries, consolidated balance sheets, statements of income, comprehensive income, changes in stockholders’ equity and cash flows for the periods presented, and all such adjustments are of a normal recurring nature. All material intercompany transactions and balances are eliminated. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the entire year. These interim consolidated financial statements have been prepared according to the rules and regulations of the Securities and Exchange Commission and, therefore, certain information and footnote disclosures normally presented in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) have been omitted or abbreviated. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
Critical Accounting Policies and Estimates | Critical Accounting Policies and Estimates Preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events and actions the Company may undertake in the future. Estimates are used in accounting for, among other items, the allowance for loan losses, useful lives for depreciation and amortization, fair value of financial instruments, deferred tax assets, uncertain income tax positions and contingencies. Estimates that are particularly susceptible to significant change for the Company include the determination of the allowance for loan losses, the assessment of deferred tax assets and liabilities, and the valuation of loans acquired in acquisitions; therefore, these are critical accounting policies. Factors that may cause sensitivity to the aforementioned estimates include but are not limited to: external market factors such as market interest rates and employment rates, changes to operating policies and procedures, changes in applicable banking regulations, and changes to deferred tax estimates. Actual results may ultimately differ from estimates, although management does not generally believe such differences would materially affect the consolidated financial statements in any individual reporting period presented. There have been no material changes or developments with respect to the assumptions or methodologies that the Company uses when applying what management believes are critical accounting policies and developing critical accounting estimates as disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
Recent Accounting Developments Adopted | Recent Accounting Developments Adopted In December 2016, the Financial Accounting Standards Board (“FASB”) issued updated guidance to Accounting Standards Update (“ASU”) 2016-19, Technical Corrections and Improvements In March 2016, the FASB issued updated guidance to ASU 2016-09, Stock Compensation Improvements to Employee Share-Based Payment Activity |
Operating Segment | Operating Segment While the chief decision makers monitor the revenue streams of the various products and services, and evaluate costs, balance sheet positions and quality, all such products, services and activities are directly or indirectly related to the business of community banking, with no regular, formal or material segment delineations. Operations are managed and financial performance is evaluated on a company-wide basis, and accordingly, all the financial service operations are considered by management to be aggregated in one reportable operating segment. |
Reclassifications | Reclassifications Certain amounts in the 2016 consolidated financial statements have been reclassified to conform to the 2017 presentation. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | (in millions) As recorded by Fair Value As Recorded Cash, cash equivalents and securities available for sale $ 262 $ 1 $ 263 Loans 710 (19 ) 691 Other real estate owned 3 (2 ) 1 Core deposit intangible 1 16 17 Fixed assets and other assets 71 (8 ) 63 Total assets acquired $ 1,047 $ (12 ) $ 1,035 Deposits $ 822 $ - $ 822 Junior subordinated debentures, borrowings and other liabilities 116 (1 ) 115 Total liabilities acquired $ 938 $ (1 ) $ 937 Excess of assets acquired over liabilities acquired $ 109 $ (11 ) $ 98 Less: purchase price 164 Goodwill $ 66 |
Schedule of unaudited pro forma information | (in thousands, except per share data) Three Months Ended Nine Months Ended Total revenues, net of interest expense $ 29,436 $ 82,870 Net income 6,827 17,042 Diluted earnings per share 0.74 1.85 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per common share | Three Months Ended Nine Months Ended 2017 2016 2017 2016 (In thousands except per share data) Net income, net of noncontrolling interest $ 9,512 $ 6,464 $ 24,047 $ 12,375 Less: preferred stock dividends - 247 - 633 Net income available to common shareholders $ 9,512 $ 6,217 $ 24,047 $ 11,742 Weighted average common shares outstanding 9,837 8,608 9,317 6,689 Effect of dilutive stock instruments 572 362 504 335 Diluted weighted average common shares outstanding 10,409 8,970 9,821 7,024 Basic earnings per common share* $ 0.97 $ 0.72 $ 2.58 $ 1.76 Diluted earnings per common share* $ 0.91 $ 0.69 $ 2.45 $ 1.67 *Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted-average shares outstanding during the interim period, and not on an annualized weighted-average basis. Accordingly, the sum of the quarters' earnings per share data will not necessarily equal the year to date earnings per share data. |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of weighted average assumption for stock option | Nine Months Ended Year Ended Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 2.13 % 1.52 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 15.44 $ 11.04 |
Schedule of stock incentive plans for options | Option Shares Weighted- Exercisable Weighted- Balance – December 31, 2015 746,004 $ 21.56 325,979 $ 19.09 Granted (1) 170,500 36.86 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (84,723 ) 20.98 Forfeited (1,456 ) 21.71 Balance – December 31, 2016 922,026 24.39 439,639 $ 19.97 Granted (2) 814,500 48.86 Exercise of stock options* (65,833 ) 19.52 Forfeited (400 ) 16.50 Balance – September 30, 2017 1,670,293 $ 36.51 471,043 $ 21.49 *The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 4,443 shares were surrendered during the nine months ended September 30, 2017 and 10,244 shares were surrendered during the year ended December 31, 2016. These stock options were considered exercised and then surrendered and are included in the Exercise of stock option line. (1) (2) |
Schedule of stock options outstanding | Number of Shares Weighted-Average Exercise Weighted-Average Outstanding Exercisable Outstanding Exercisable Outstanding Exercisable $9.19 – $20.00 257,750 238,000 $ 16.30 $ 16.28 3.78 3.71 $20.01 – $25.00 241,455 110,055 23.68 23.54 6.54 5.89 $25.01 – $30.00 153,724 71,524 26.00 26.11 6.91 6.44 $30.01 – $40.00 202,864 51,464 35.88 34.76 8.64 8.27 $40.01 – $49.30 814,500 - 48.86 - 9.63 - 1,670,293 471,043 $ 36.51 $ 21.49 7.91 5.14 |
Schedule of restricted stock awards | Restricted Stock Weighted- Restricted Balance – December 31, 2015 $ 18.70 36,690 Granted 33.68 31,466 Vested* 23.58 (25,207 ) Forfeited - - Balance – December 31, 2016 26.80 42,949 Granted - - Vested * 22.47 (15,346 ) Forfeited 16.50 (130 ) Balance – September 30, 2017 $ 29.27 27,473 *The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly 4,553 shares were surrendered during the nine months ended September 30, 2017 and 7,851 shares were surrendered during the twelve months ended December 31, 2016. |
Securities Available for Sale (
Securities Available for Sale (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Available-for-sale Securities [Abstract] | |
Schedule of amortized costs and fair values of securities AFS | September 30, 2017 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 26,394 $ - $ 122 $ 26,272 State, county and municipals 189,226 521 1,031 188,716 Mortgage-backed securities 159,113 261 1,438 157,936 Corporate debt securities 32,203 541 - 32,744 Equity securities 1,288 1,261 - 2,549 $ 408,224 $ 2,584 $ 2,591 $ 408,217 December 31, 2016 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 1,981 $ - $ 18 $ 1,963 State, county and municipals 191,721 160 4,638 187,243 Mortgage-backed securities 161,309 242 2,422 159,129 Corporate debt securities 12,117 52 - 12,169 Equity securities 2,631 2,152 - 4,783 $ 369,759 $ 2,606 $ 7,078 $ 365,287 |
Schedule of unrealized losses and fair value | September 30, 2017 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. government sponsored enterprises $ 26,272 $ 122 $ - $ - $ 26,272 $ 122 State, county and municipals 63,924 352 46,677 679 110,601 1,031 Mortgage-backed securities 94,850 747 35,475 691 130,325 1,438 $ 185,046 $ 1,221 $ 82,152 $ 1,370 $ 267,198 $ 2,591 December 31, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized U.S. government sponsored enterprises $ 1,963 $ 18 $ - $ - $ 1,963 $ 18 State, county and municipals 167,457 4,629 1,300 9 168,757 4,638 Mortgage-backed securities 134,770 2,311 3,653 111 138,423 2,422 $ 304,190 $ 6,958 $ 4,953 $ 120 $ 309,143 $ 7,078 |
Schedule of amortized cost and fair value classified by contractual maturities | September 30, 2017 (in thousands) Amortized Cost Fair Value Due in less than one year $ 13,262 $ 13,261 Due in one year through five years 96,098 96,410 Due after five years through ten years 130,477 129,769 Due after ten years 7,986 8,292 247,823 247,732 Mortgage-backed securities 159,113 157,936 Equity securities 1,288 2,549 Securities available for sale $ 408,224 $ 408,217 |
Loans, Allowance for Loan Los25
Loans, Allowance for Loan Losses, and Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Receivables [Abstract] | |
Schedule of loan composition and further breakdown summarized by originated and acquired | Total September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 625,729 30.5 % $ 428,270 27.3 % Owner-occupied commercial real estate (“CRE”) 428,054 20.9 360,227 23.0 Agricultural (“AG”) production 36,352 1.8 34,767 2.2 AG real estate 48,443 2.4 45,234 2.9 CRE investment 303,448 14.8 195,879 12.5 Construction & land development 87,649 4.3 74,988 4.8 Residential construction 33,163 1.6 23,392 1.5 Residential first mortgage 363,116 17.7 300,304 19.1 Residential junior mortgage 102,654 5.0 91,331 5.8 Retail & other 22,514 1.0 14,515 0.9 Loans 2,051,122 100.0 % 1,568,907 100.0 % Less allowance for loan losses 12,610 11,820 Loans, net $ 2,038,512 $ 1,557,087 Allowance for loan losses to loans 0.61 % 0.75 % Originated September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 470,700 40.4 % $ 330,073 36.6 % Owner-occupied CRE 221,556 19.0 182,776 20.3 AG production 11,605 1.0 9,192 1.0 AG real estate 23,876 2.0 18,858 2.1 CRE investment 98,328 8.4 72,930 8.1 Construction & land development 55,387 4.7 44,147 4.9 Residential construction 27,129 2.3 20,768 2.3 Residential first mortgage 180,509 15.5 164,949 18.3 Residential junior mortgage 60,207 5.2 48,199 5.3 Retail & other 17,092 1.5 10,095 1.1 Loans 1,166,389 100.0 % 901,987 100.0 % Less allowance for loan losses 10,406 9,449 Loans, net $ 1,155,983 $ 892,538 Allowance for loan losses to loans 0.89 % 1.05 % Acquired September 30, 2017 December 31, 2016 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 155,029 17.5 % $ 98,197 14.7 % Owner-occupied CRE 206,498 23.3 177,451 26.6 AG production 24,747 2.8 25,575 3.8 AG real estate 24,567 2.8 26,376 4.0 CRE investment 205,120 23.2 122,949 18.4 Construction & land development 32,262 3.7 30,841 4.6 Residential construction 6,034 0.7 2,624 0.4 Residential first mortgage 182,607 20.6 135,355 20.3 Residential junior mortgage 42,447 4.8 43,132 6.5 Retail & other 5,422 0.6 4,420 0.7 Loans 884,733 100.0 % 666,920 100.0 % Less allowance for loan losses 2,204 2,371 Loans, net $ 882,529 $ 664,549 Allowance for loan losses to loans 0.25 % 0.36 % |
Schedule of changes in ALLL by portfolio segment and further breakdown summarized by originated and acquired | TOTAL – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Provision 2,183 (253 ) 16 (17 ) 132 (19 ) (137 ) (124 ) 4 90 1,875 Charge-offs (1,097 ) - - - - (13 ) - (8 ) - (38 ) (1,156 ) Recoveries 20 29 - - 1 - - 6 2 13 71 Net charge-offs (1,077 ) 29 - - 1 (13 ) - (2 ) 2 (25 ) (1,085 ) Ending balance $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 As percent of ALLL 39.9 % 21.0 % 1.3 % 2.1 % 10.0 % 5.9 % 1.3 % 13.1 % 3.7 % 1.7 % 100.0 % ALLL: Individually evaluated $ 226 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 226 Collectively evaluated 4,799 2,643 166 268 1,257 742 167 1,658 467 217 12,384 Ending balance $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 Loans: Individually evaluated $ 5,071 $ 1,116 $ - $ 218 $ 4,845 $ 723 $ 80 $ 1,619 $ 60 $ - $ 13,732 Collectively evaluated 620,658 426,938 36,352 48,225 298,603 86,926 33,083 361,497 102,594 22,514 2,037,390 Total loans $ 625,729 $ 428,054 $ 36,352 $ 48,443 $ 303,448 $ 87,649 $ 33,163 $ 363,116 $ 102,654 $ 22,514 $ 2,051,122 Less ALLL $ 5,025 $ 2,643 $ 166 $ 268 $ 1,257 $ 742 $ 167 $ 1,658 $ 467 $ 217 $ 12,610 Net loans $ 620,704 $ 425,411 $ 36,186 $ 48,175 $ 302,191 $ 86,907 $ 32,996 $ 361,458 $ 102,187 $ 22,297 $ 2,038,512 Originated – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Provision 2,128 (167 ) 19 (11 ) 140 (20 ) (135 ) (44 ) 13 82 2,005 Charge-offs (1,043 ) - - - - - - (8 ) - (38 ) (1,089 ) Recoveries 1 24 - - - - - 1 2 13 41 Net charge-offs (1,042 ) 24 - - - - - (7 ) 2 (25 ) (1,048 ) Ending balance $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 As percent of ALLL 40.7 % 20.4. % 1.4 % 2.0 % 9.9 % 6.1 % 1.3 % 12.7 % 3.7 % 1.8 % 100.0 % ALLL: Individually evaluated $ 226 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 226 Collectively evaluated 4,010 2,120 141 211 1,033 636 131 1,321 388 189 10,180 Ending balance $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 Loans: Individually evaluated $ 615 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 615 Collectively evaluated 470,085 221,556 11,605 23,876 98,328 55,387 27,129 180,509 60,207 17,092 1,165,774 Total loans $ 470,700 $ 221,556 $ 11,605 $ 23,876 $ 98,328 $ 55,387 $ 27,129 $ 180,509 $ 60,207 $ 17,092 $ 1,166,389 Less ALLL $ 4,236 $ 2,120 $ 141 $ 211 $ 1,033 $ 636 $ 131 $ 1,321 $ 388 $ 189 $ 10,406 Net loans $ 466,464 $ 219,436 $ 11,464 $ 23,665 $ 97,295 $ 54,751 $ 26,998 $ 179,188 $ 59,819 $ 16,903 $ 1,155,983 Acquired – Nine Months Ended September 30, 2017 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 Provision 55 (86 ) (3 ) (6 ) (8 ) 1 (2 ) (80 ) (9 ) 8 (130 ) Charge-offs (54 ) - - - - (13 ) - - - - (67 ) Recoveries 19 5 - - 1 - - 5 - - 30 Net charge-offs (35 ) 5 - - 1 (13 ) - 5 - - (37 ) Ending balance $ 789 $ 523 $ 25 $ 57 $ 224 $ 106 $ 36 $ 337 $ 79 $ 28 $ 2,204 As percent of ALLL 35.8 % 23.7 % 1.1 % 2.6 % 10.2 % 4.8 % 1.6 % 15.3 % 3.6 % 1.3 % 100.0 % Loans: Individually evaluated $ 4,456 $ 1,116 $ - $ 218 $ 4,845 $ 723 $ 80 $ 1,619 $ 60 $ - $ 13,117 Collectively evaluated 150,573 205,382 24,747 24,349 200,275 31,539 5,954 180,988 42,387 5,422 871,616 Total loans $ 155,029 $ 206,498 $ 24,747 $ 24,567 $ 205,120 $ 32,262 $ 6,034 $ 182,607 $ 42,447 $ 5,422 $ 884,733 Less ALLL $ 789 $ 523 $ 25 $ 57 $ 224 $ 106 $ 36 $ 337 $ 79 $ 28 $ 2,204 Net loans $ 154,240 $ 205,975 $ 24,722 $ 24,510 $ 204,896 $ 32,156 $ 5,998 $ 182,270 $ 42,368 $ 5,394 $ 882,529 TOTAL – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Provision 745 710 40 (77 ) 23 (586 ) 176 188 42 89 1,350 Charge-offs (279 ) (61 ) - - - - - - (53 ) (39 ) (432 ) Recoveries 17 3 - - 221 - - 5 7 3 256 Net charge-offs (262 ) (58 ) - - 221 - - 5 (46 ) (36 ) (176 ) Ending balance $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 As percent of ALLL 36.6 % 22.5 % 1.1 % 2.6 % 9.0 % 7.5 % 2.8 % 12.5 % 4.3 % 1.1 % 100.0 % ALLL: Individually evaluated $ 96 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 96 Collectively evaluated 4,108 2,585 125 303 1,029 860 323 1,433 492 127 11,385 Ending balance $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 Loans: Individually evaluated $ 662 $ 2,666 $ 53 $ 240 $ 13,466 $ 722 $ 287 $ 2,303 $ 181 $ - $ 20,580 Collectively evaluated 423,128 359,888 34,024 45,431 184,418 67,439 27,044 282,350 95,720 14,102 1,533,544 Total loans $ 423,790 $ 362,554 $ 34,077 $ 45,671 $ 197,884 $ 68,161 $ 27,331 $ 284,653 $ 95,901 $ 14,102 $ 1,554,124 Less ALLL $ 4,204 $ 2,585 $ 125 $ 303 $ 1,029 $ 860 $ 323 $ 1,433 $ 492 $ 127 $ 11,481 Net loans $ 419,586 $ 359,969 $ 33,952 $ 45,368 $ 196,855 $ 67,301 $ 27,008 $ 283,220 $ 95,409 $ 13,975 $ 1,542,643 Originated – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Provision 426 408 29 (73 ) (70 ) (633 ) 130 85 16 80 398 Charge-offs (262 ) (3 ) - - - - - - (53 ) (38 ) (356 ) Recoveries - 3 - - 221 - - - 6 2 232 Net charge-offs (262 ) - - - 221 - - - (47 ) (36 ) (124 ) Ending balance $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 As percent of ALLL 36.7 % 22.0 % 1.1 % 2.5 % 8.9 % 8.3 % 3.1 % 11.9 % 4.3 % 1.2 % 100.0 % ALLL: Individually evaluated $ 96 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 96 Collectively evaluated 3,203 1,975 100 226 797 748 277 1,072 387 107 8,892 Ending balance $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 Loans: Individually evaluated $ 319 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 319 Collectively evaluated 321,203 181,107 8,857 18,222 72,182 34,916 20,964 138,103 47,346 9,179 852,079 Total loans $ 321,522 $ 181,107 $ 8,857 $ 18,222 $ 72,182 $ 34,916 $ 20,964 $ 138,103 $ 47,346 $ 9,179 $ 852,398 Less ALLL $ 3,299 $ 1,975 $ 100 $ 226 $ 797 $ 748 $ 277 $ 1,072 $ 387 $ 107 $ 8,988 Net loans $ 318,223 $ 179,132 $ 8,757 $ 17,996 $ 71,385 $ 34,168 $ 20,687 $ 137,031 $ 46,959 $ 9,072 $ 843,410 Acquired – Nine Months Ended September 30, 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Provision 319 302 11 (4 ) 93 47 46 103 26 9 952 Charge-offs (17 ) (58 ) - - - - - - - (1 ) (76 ) Recoveries 17 - - - - - - 5 1 1 24 Net charge-offs - (58 ) - - - - - 5 1 - (52 ) Ending balance $ 905 $ 610 $ 25 $ 77 $ 232 $ 112 $ 46 $ 361 $ 105 $ 20 $ 2,493 As percent of ALLL 36.3 % 24.5 % 1.0 % 3.1 % 9.3 % 4.5 % 1.8 % 14.5 % 4.2 % 0.8 % 100.0 % Loans: Individually evaluated $ 343 $ 2,666 $ 53 $ 240 $ 13,466 $ 722 $ 287 $ 2,303 $ 181 $ - $ 20,261 Collectively evaluated 101,925 178,781 25,167 27,209 112,236 32,523 6,080 144,247 48,374 4,923 681,465 Total loans $ 102,268 $ 181,447 $ 25,220 $ 27,449 $ 125,702 $ 33,245 $ 6,367 $ 146,550 $ 48,555 $ 4,923 $ 701,726 Less ALLL $ 905 $ 610 $ 25 $ 77 $ 232 $ 112 $ 46 $ 361 $ 105 $ 20 $ 2,493 Net loans $ 101,363 $ 180,837 $ 25,195 $ 27,372 $ 125,470 $ 33,133 $ 6,321 $ 146,189 $ 48,450 $ 4,903 $ 699,233 |
Schedule of nonaccrual loans by portfolio segment and further breakdown summarized by originated and acquired | Total Nonaccrual Loans (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 5,078 35.2 % $ 358 1.8 % Owner-occupied CRE 1,276 8.8 2,894 14.3 AG production 2 - 9 0.1 AG real estate 186 1.3 208 1.0 CRE investment 4,537 31.4 12,317 60.6 Construction & land development 723 5.0 1,193 5.9 Residential construction 80 0.6 260 1.3 Residential first mortgage 2,301 16.0 2,990 14.7 Residential junior mortgage 239 1.7 56 0.3 Retail & other - - - - Nonaccrual loans - Total $ 14,422 100.0 % $ 20,285 100.0 % Originated (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 615 62.3 % $ 4 1.6 % Owner-occupied CRE 38 3.8 42 16.3 AG production 2 0.2 7 2.7 AG real estate - - - - CRE investment - - - - Construction & land development - - - - Residential construction - - - - Residential first mortgage 333 33.7 204 79.4 Residential junior mortgage - - - - Retail & other - - - - Nonaccrual loans - Originated $ 988 100.0 % $ 257 100.0 % Acquired (in thousands) September 30, % to Total December 31, % to Total Commercial & industrial $ 4,463 33.2 % $ 354 1.8 % Owner-occupied CRE 1,238 9.2 2,852 14.2 AG production - - 2 0.1 AG real estate 186 1.4 208 1.0 CRE investment 4,537 33.8 12,317 61.4 Construction & land development 723 5.4 1,193 6.0 Residential construction 80 0.6 260 1.3 Residential first mortgage 1,968 14.6 2,786 13.9 Residential junior mortgage 239 1.8 56 0.3 Retail & other - - - - Nonaccrual loans – Acquired $ 13,434 100.0 % $ 20,028 100.0 % |
Schedule of past due loans by portfolio segment and further breakdown summarized by originated and acquired | September 30, 2017 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 303 $ 5,078 $ 620,348 $ 625,729 Owner-occupied CRE 229 1,276 426,549 428,054 AG production - 2 36,350 36,352 AG real estate - 186 48,257 48,443 CRE investment - 4,537 298,911 303,448 Construction & land development 38 723 86,888 87,649 Residential construction 1,085 80 31,998 33,163 Residential first mortgage 537 2,301 360,278 363,116 Residential junior mortgage 23 239 102,392 102,654 Retail & other 4 - 22,510 22,514 Total loans $ 2,219 $ 14,422 $ 2,034,481 $ 2,051,122 As a percent of total loans 0.1 % 0.7 % 99.2 % 100.0 % December 31, 2016 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 22 $ 358 $ 427,890 $ 428,270 Owner-occupied CRE 268 2,894 357,065 360,227 AG production - 9 34,758 34,767 AG real estate - 208 45,026 45,234 CRE investment - 12,317 183,562 195,879 Construction & land development - 1,193 73,795 74,988 Residential construction - 260 23,132 23,392 Residential first mortgage 486 2,990 296,828 300,304 Residential junior mortgage 200 56 91,075 91,331 Retail & other 15 - 14,500 14,515 Total loans $ 991 $ 20,285 $ 1,547,631 $ 1,568,907 As a percent of total loans 0.1 % 1.3 % 98.6 % 100.0 % |
Schedule of loans by loan grade | September 30, 2017 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 594,129 $ 15,356 $ 4,585 $ 11,659 $ - $ - $ 625,729 Owner-occupied CRE 402,021 22,058 1,348 2,627 - - 428,054 AG production 31,245 4,067 - 1,040 - - 36,352 AG real estate 40,982 4,845 - 2,616 - - 48,443 CRE investment 288,346 9,191 - 5,911 - - 303,448 Construction & land development 85,932 627 17 1,073 - - 87,649 Residential construction 33,083 - - 80 - - 33,163 Residential first mortgage 356,985 2,207 779 3,145 - - 363,116 Residential junior mortgage 102,281 17 - 356 - - 102,654 Retail & other 22,514 - - - - - 22,514 Total loans $ 1,957,518 $ 58,368 $ 6,729 $ 28,507 $ - $ - $ 2,051,122 Percent of total 95.4 % 2.9 % 0.3 % 1.4 % - - 100.0 % December 31, 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 401,954 $ 16,633 $ 2,133 $ 7,550 $ - $ - $ 428,270 Owner-occupied CRE 340,846 14,758 193 4,430 - - 360,227 AG production 31,026 3,191 70 480 - - 34,767 AG real estate 41,747 2,727 - 760 - - 45,234 CRE investment 173,652 8,137 - 14,090 - - 195,879 Construction & land development 69,097 4,318 - 1,573 - - 74,988 Residential construction 22,030 1,102 - 260 - - 23,392 Residential first mortgage 295,109 1,348 192 3,655 - - 300,304 Residential junior mortgage 91,123 - 114 94 - - 91,331 Retail & other 14,515 - - - - - 14,515 Total loans $ 1,481,099 $ 52,214 $ 2,702 $ 32,892 $ - $ - $ 1,568,907 Percent of total 94.4 % 3.3 % 0.2 % 2.1 % - - 100.0 % |
Schedule of impaired loans and further breakdown summarized by originated and acquired | Total Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 5,071 $ 12,275 $ 226 $ 5,057 $ 469 Owner-occupied CRE 1,116 2,793 - 1,185 96 AG production - 15 - - - AG real estate 218 308 - 229 25 CRE investment 4,845 8,863 - 5,099 353 Construction & land development 723 1,189 - 743 44 Residential construction 80 983 - 94 27 Residential first mortgage 1,619 2,971 - 1,699 121 Residential junior mortgage 60 500 - 64 6 Retail & Other - 14 - - - Total $ 13,732 $ 29,911 $ 226 $ 14,170 $ 1,141 Originated Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 615 $ 615 $ 226 $ 615 $ 91 Owner-occupied CRE - - - - - AG production - - - - - AG real estate - - - - - CRE investment - - - - - Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 615 $ 615 $ 226 $ 615 $ 91 Acquired Impaired Loans – September 30, 2017 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 4,456 $ 11,660 $ - $ 4,442 $ 378 Owner-occupied CRE 1,116 2,793 - 1,185 96 AG production - 15 - - - AG real estate 218 308 - 229 25 CRE investment 4,845 8,863 - 5,099 353 Construction & land development 723 1,189 - 743 44 Residential construction 80 983 - 94 27 Residential first mortgage 1,619 2,971 - 1,699 121 Residential junior mortgage 60 500 - 64 6 Retail & Other - 14 - - - Total $ 13,117 $ 29,296 $ - $ 13,555 $ 1,050 Total Impaired Loans – December 31, 2016 (in thousands) Recorded Unpaid Related Average Interest Commercial & industrial $ 338 $ 720 $ - $ 348 $ 34 Owner-occupied CRE 2,588 4,661 - 2,700 271 AG production 41 163 - 48 6 AG real estate 240 332 - 245 26 CRE investment 12,552 19,695 - 12,982 1,051 Construction & land development 694 2,122 - 752 112 Residential construction 261 1,348 - 287 82 Residential first mortgage 2,204 3,706 - 2,312 190 Residential junior mortgage 299 639 - 209 17 Retail & Other - 36 - - - Total $ 19,217 $ 33,422 $ - $ 19,883 $ 1,789 |
Schedule of non accretable discount | Nine Months Ended Year ended (in thousands) September 30, 2017 December 31, 2016 Balance at beginning of period $ 14,327 $ 4,229 Acquired balance, net 8,352 13,923 Accretion to loan interest income (5,925 ) (3,458 ) Disposals of loans (1,121 ) (367 ) Balance at end of period $ 15,633 $ 14,327 |
Goodwill and Intangible Asset26
Goodwill and Intangible Assets and Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | (in thousands) September 30, 2017 December 31, 2016 Core deposit intangibles: Gross carrying amount $ 29,015 $ 25,345 Accumulated amortization (11,469 ) (8,244 ) Net book value $ 17,546 $ 17,101 Additions during the period $ 3,670 $ 17,259 Amortization during the period $ 3,225 $ 3,189 Customer list intangibles: Gross carrying amount $ 5,233 $ 4,363 Accumulated amortization (558 ) (269 ) Net book value $ 4,675 $ 4,094 Additions during the period $ 870 $ 4,363 Amortization during the period $ 289 $ 269 |
Schedule of mortgage servicing rights | (in thousands) September 30, 2017 December 31, 2016 Mortgage servicing rights (MSR) asset: MSR asset at beginning of year $ 1,922 $ 193 Capitalized MSR 679 1,023 MSR asset acquired 874 885 Amortization during the period (339 ) (179 ) Valuation allowance at end of period - - Net book value at end of period $ 3,136 $ 1,922 Fair value of MSR asset at end of period $ 4,116 $ 2,013 Residential mortgage loans serviced for others 509,897 $ 295,353 Net book value of MSR asset to loans serviced for others 0.62 % 0.65 % |
Schedule of estimated future amortization expense for amortizing intangible assets | (in thousands) Core deposit Customer list MSR asset Year ending December 31, 2017 (remaining three months) $ 1,070 $ 112 $ 136 2018 3,915 449 544 2019 3,337 449 544 2020 2,657 449 677 2021 2,167 449 301 Thereafter 4,400 2,767 934 Total $ 17,546 $ 4,675 $ 3,136 |
Notes Payable (Tables)
Notes Payable (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Notes Payable [Abstract] | |
Schedule of notes payable | (in thousands) September 30, 2017 December 31, 2016 Federal Home Loan Bank (“FHLB”) advances $ 41,571 $ 1,000 Notes payable $ 41,571 $ 1,000 |
Schedule of maturity of notes payable | Maturing in (in thousands) 2017 (remaining three months) $ 5,018 2018 1,000 2019 - 2020 10,000 2021 - 2022 25,553 $ 41,571 |
Junior Subordinated Debentures
Junior Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Subordinated Borrowings [Abstract] | |
Schedule of breakdown of junior subordinated debentures | Junior Subordinated Debentures (in thousands) Maturity Par 9/30/2017 9/30/2017 12/31/2016 2004 Nicolet Bankshares Statutory Trust (1) 7/15/2034 $ 6,186 $ - $ 6,186 $ 6,186 2005 Mid-Wisconsin Financial Services, Inc. (2) 12/15/2035 10,310 (3,620 ) 6,690 6,540 2006 Baylake Corp. (3) 9/30/2036 16,598 (4,415 ) 12,183 12,006 2004 First Menasha Bancshares, Inc. (4) 3/17/2034 5,155 (717 ) 4,438 - Total $ 38,249 $ (8,752 ) $ 29,497 $ 24,732 (1) The interest rate is 8.00% fixed. (2) The debentures, assumed in April 2013 as the result of acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 2.75% and 2.39% as of September 30, 2017 and December 31, 2016, respectively. (3) The debentures, assumed in April 2016 as a result of acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 2.69% and 2.35% as of September 30, 2017 and December 31, 2016, respectively. (4) The debentures, assumed in April 2017 as the result of acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rate was 4.11% as of September 30, 2017. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Fair Value Measurements Using Measured at Fair Value on a Recurring Basis: Total Level 1 Level 2 Level 3 (in thousands) U.S. government sponsored enterprises $ 26,272 $ - $ 26,272 $ - State, county and municipals 188,716 - 188,057 659 Mortgage-backed securities 157,936 - 157,929 7 Corporate debt securities 32,744 - 24,254 8,490 Equity securities 2,549 2,549 - - Securities AFS, September 30, 2017 $ 408,217 $ 2,549 $ 396,512 $ 9,156 (in thousands) U.S. government sponsored enterprises $ 1,963 $ - $ 1,963 $ - State, county and municipals 187,243 - 186,717 526 Mortgage-backed securities 159,129 - 159,076 53 Corporate debt securities 12,169 - 3,640 8,529 Equity securities 4,783 4,783 - - Securities AFS, December 31, 2016 $ 365,287 $ 4,783 $ 351,396 $ 9,108 |
Schedule of impaired loans and OREO measured at fair value on a nonrecurring basis | Fair Value Measurements Using (in thousands) Total Level 1 Level 2 Level 3 September 30, 2017: Impaired loans $ 13,506 $ - $ - $ 13,506 OREO 1,314 - - 1,314 December 31, 2016: Impaired loans $ 19,217 $ - $ - $ 19,217 OREO 2,059 - - 2,059 |
Schedule of estimated fair values of financial instruments | September 30, 2017 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 96,103 $ 96,103 $ 96,103 $ - $ - Certificates of deposit in other banks 2,494 2,495 - 2,495 - Securities AFS 408,217 408,217 2,549 396,512 9,156 Other investments 14,931 14,931 - 13,236 1,695 Loans held for sale 6,963 7,089 - 7,089 - Loans, net 2,038,512 2,030,248 - - 2,030,248 BOLI 63,989 63,989 63,989 - - MSR asset 3,136 4,116 - - 4,116 Financial liabilities: Deposits $ 2,366,951 $ 2,366,199 $ - $ - $ 2,366,199 Short-term borrowings 12,900 12,900 12,900 - - Notes payable 41,571 41,708 - 41,708 - Junior subordinated debentures 29,497 28,907 - - 28,907 Subordinated notes 11,912 11,417 - - 11,417 December 31, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 129,103 $ 129,103 $ 129,103 $ - $ - Certificates of deposit in other banks 3,984 3,992 - 3,992 - Securities AFS 365,287 365,287 4,783 351,396 9,108 Other investments 17,499 17,499 - 15,779 1,720 Loans held for sale 6,913 6,968 - 6,968 - Loans, net 1,557,087 1,568,676 - - 1,568,676 BOLI 54,134 54,134 54,134 - - MSR asset 1,922 2,013 - - 2,013 Financial liabilities: Deposits $ 1,969,986 $ 1,969,973 $ - $ - $ 1,969,973 Notes payable 1,000 1,002 - 1,002 - Junior subordinated debentures 24,732 24,095 - - 24,095 Subordinated notes 11,885 11,459 - - 11,459 |
Basis of Presentation (Detail T
Basis of Presentation (Detail Textuals) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2017USD ($) | Sep. 30, 2017USD ($)Segment | |
Accounting Policies [Abstract] | ||
Number of operating segments | Segment | 1 | |
Effect of pronouncement - reduction in income tax expense | $ | $ 14,000 | $ 176,000 |
Acquisitions - Fair value of th
Acquisitions - Fair value of the assets acquired and liabilities assumed (Details) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 | Apr. 29, 2016 |
Business Acquisition [Line Items] | |||
Cash, cash equivalents and securities available for sale | $ 263 | ||
Loans | 691 | ||
Other real estate owned | 1 | ||
Core deposit intangible | 17 | ||
Fixed assets and other assets | 63 | ||
Total assets acquired | 1,035 | ||
Deposits | 822 | ||
Junior subordinated debentures, borrowings and other liabilities | 115 | ||
Total liabilities acquired | 937 | ||
Excess of assets acquired over liabilities acquired | 98 | ||
Less: purchase price | 164 | ||
Goodwill | $ 107.4 | $ 66.7 | 66 |
Baylake Corp. ("Baylake") | |||
Business Acquisition [Line Items] | |||
Cash, cash equivalents and securities available for sale | 262 | ||
Loans | 710 | ||
Other real estate owned | 3 | ||
Core deposit intangible | 1 | ||
Fixed assets and other assets | 71 | ||
Total assets acquired | 1,047 | ||
Deposits | 822 | ||
Junior subordinated debentures, borrowings and other liabilities | 116 | ||
Total liabilities acquired | 938 | ||
Excess of assets acquired over liabilities acquired | 109 | ||
Fair Value Adjustments | |||
Business Acquisition [Line Items] | |||
Cash, cash equivalents and securities available for sale | 1 | ||
Loans | (19) | ||
Other real estate owned | (2) | ||
Core deposit intangible | 16 | ||
Fixed assets and other assets | (8) | ||
Total assets acquired | (12) | ||
Deposits | 0 | ||
Junior subordinated debentures, borrowings and other liabilities | (1) | ||
Total liabilities acquired | (1) | ||
Excess of assets acquired over liabilities acquired | $ (11) |
Acquisitions - Unaudited pro fo
Acquisitions - Unaudited pro forma information presents results of operations (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Business Combinations [Abstract] | ||
Total revenues, net of interest expense | $ 29,436 | $ 82,870 |
Net income | $ 6,827 | $ 17,042 |
Diluted earnings per share (in dollars per share) | $ 0.74 | $ 1.85 |
Acquisitions (Detail Textuals)
Acquisitions (Detail Textuals) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Apr. 28, 2017USD ($)Branch$ / sharesshares | Apr. 29, 2016USD ($)Branch$ / sharesshares | Mar. 31, 2017USD ($) | Sep. 30, 2017USD ($)Branch | Dec. 31, 2016USD ($) | |
Business Acquisition [Line Items] | |||||
Value of common stock issued for consideration | $ 62,060 | ||||
Total purchase price | $ 164,000 | ||||
Goodwill | 66,000 | 107,400 | $ 66,700 | ||
Fixed assets | 63,000 | ||||
Amount of addition in loans | 691,000 | ||||
Amount of addition in deposit | 822,000 | ||||
Intangible assets assumed | $ 17,000 | ||||
Baylake Corp. ("Baylake") | |||||
Business Acquisition [Line Items] | |||||
Number of branches | Branch | 21 | ||||
Fixed assets | $ 71,000 | ||||
Amount of addition in loans | 710,000 | ||||
Amount of addition in deposit | 822,000 | ||||
Intangible assets assumed | $ 1,000 | ||||
Group of financial advisors | |||||
Business Acquisition [Line Items] | |||||
Total consideration paid | $ 4,900 | ||||
Cash | 800 | ||||
Nicolet common stock | 2,600 | ||||
Earn-out liability payable | 1,500 | 2,400 | |||
Goodwill | 400 | ||||
Fixed assets | $ 200 | ||||
Portion of customer intangible amortized by straight line method | 10 years | ||||
Useful life of portion of customer intangible amortized | 15 years | ||||
Group of financial advisors | Customer list intangibles | |||||
Business Acquisition [Line Items] | |||||
Intangible assets assumed | $ 4,300 | $ 900 | |||
First Menasha Bancshares, Inc | |||||
Business Acquisition [Line Items] | |||||
Number of branches | Branch | 5 | 38 | |||
Merger Agreement | Baylake Corp. ("Baylake") | |||||
Business Acquisition [Line Items] | |||||
Number of common stock for each outstanding share of common stock | 0.4517 | ||||
Number of common stock issued for consideration | shares | 4,344,243 | ||||
Value of common stock issued for consideration | $ 163,300 | ||||
Price per share for stock issued in consideration | $ / shares | $ 37.58 | ||||
Number of trading days | 20 days | ||||
Additional consideration for assumed stock options | $ 1,200 | ||||
Direct stock issuance costs for the merger charged against additional paid in capital | $ 300 | ||||
Merger Agreement | First Menasha Bancshares, Inc | |||||
Business Acquisition [Line Items] | |||||
Number of branches closed | Branch | 1 | ||||
Number of common stock for each outstanding share of common stock | 3.126 | ||||
Number of common stock issued for consideration | shares | 1,309,885 | ||||
Value of common stock issued for consideration | $ 62,200 | ||||
Price per share for stock issued in consideration | $ / shares | $ 47.52 | ||||
Number of trading days | 20 days | ||||
Value of cash consideration | $ 19,300 | ||||
Direct stock issuance costs for the merger charged against additional paid in capital | 200 | ||||
Amount of addition in assets | 480,000 | ||||
Amount of addition in loans | 351,000 | ||||
Amount of addition in deposit | 375,000 | ||||
Amount of addition in goodwill | 41,000 | ||||
Increased in goodwill | $ 1,000 | ||||
Gain in pre-tax earnings | $ 1,200 | ||||
Merger Agreement | First Menasha Bancshares, Inc | Core deposit intangibles | |||||
Business Acquisition [Line Items] | |||||
Intangible assets assumed | $ 4,000 |
Earnings per Common Share - Cal
Earnings per Common Share - Calculations for basic and diluted earnings (loss) per common share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Earnings Per Share [Abstract] | |||||
Net income, net of noncontrolling interest | $ 9,512 | $ 6,464 | $ 24,047 | $ 12,375 | |
Less: preferred stock dividends | 0 | 247 | 0 | 633 | |
Net income available to common shareholders | $ 9,512 | $ 6,217 | $ 24,047 | $ 11,742 | |
Weighted average common shares outstanding | 9,836,646 | 8,607,719 | 9,316,814 | 6,689,367 | |
Effect of dilutive stock instruments | 572,000 | 362,000 | 504,000 | 335,000 | |
Diluted weighted average common shares outstanding | 10,408,683 | 8,969,735 | 9,820,724 | 7,024,169 | |
Basic earnings per common share (in dollars per share) | [1] | $ 0.97 | $ 0.72 | $ 2.58 | $ 1.76 |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.91 | $ 0.69 | $ 2.45 | $ 1.67 |
[1] | Cumulative quarterly per share performance may not equal annual per share totals due to the effects of the amount and timing of capital increases. When computing earnings per share for an interim period, the denominator is based on the weighted-average shares outstanding during the interim period, and not on an annualized weighted-average basis. Accordingly, the sum of the quarters' earnings per share data will not necessarily equal the year to date earnings per share data. |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted average assumptions (Details) - Stock Incentive Plan - Stock Options - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 25.00% | 25.00% |
Risk-free interest rate | 2.13% | 1.52% |
Expected average life | 7 years | 7 years |
Weighted average per share fair value of options | $ 15.44 | $ 11.04 |
Stock-based Compensation - Acti
Stock-based Compensation - Activity of stock incentive plans for options (Details 1) - Stock Options - $ / shares | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Dec. 31, 2016 | ||||
Options Shares Outstanding | |||||
Balance | 1,670,293 | ||||
Weighted-Average Exercise Price | |||||
Exercise of stock options | $ 21.49 | ||||
Balance | $ 36.51 | ||||
Exercisable Shares, Ending Balance | 471,043 | ||||
Stock Incentive Plan | |||||
Options Shares Outstanding | |||||
Balance | 922,026 | 746,004 | |||
Granted | 814,500 | [1] | 170,500 | [2] | |
Options assumed in acquisition | 91,701 | ||||
Exercise of stock options | [3] | (65,833) | (84,723) | ||
Forfeited | (400) | (1,456) | |||
Balance | 1,670,293 | 922,026 | |||
Weighted-Average Exercise Price | |||||
Balance | $ 24.39 | $ 21.56 | |||
Granted | 48.86 | [1] | 36.86 | [2] | |
Options assumed in acquisition | 21.03 | ||||
Exercise of stock options | 19.52 | [3] | 20.98 | ||
Forfeited | 16.50 | 21.71 | [3] | ||
Balance | $ 36.51 | $ 24.39 | |||
Exercisable Shares, Beginning Balance | 439,639 | 325,979 | |||
Exercisable Shares, Ending Balance | 471,043 | 439,639 | |||
Weighted Average Exercise Price, Beginning Balance | $ 19.97 | $ 19.09 | |||
Weighted Average Exercise Price, Ending Balance | $ 21.49 | $ 19.97 | |||
[1] | The weighted average per share fair value of options granted was $15.44 for the period. | ||||
[2] | The weighted average per share fair value of options granted was $11.04 for the period. | ||||
[3] | The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 4,443 shares were surrendered during the nine months ended September 30, 2017 and 10,244 shares were surrendered during the year ended December 31, 2016. These stock options were considered exercised and then surrendered and are included in the Exercise of stock option line. |
Stock-based Compensation (Detai
Stock-based Compensation (Details 2) - Stock Options | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 1,670,293 |
Number of shares exercisable | shares | 471,043 |
Weighted average exercise price outstanding | $ / shares | $ 36.51 |
Weighted average exercise price exercisable | $ / shares | $ 21.49 |
Weighted average remaining life (years) outstanding | 7 years 10 months 28 days |
Weighted average remaining life (years) exercisable | 5 years 1 month 21 days |
Exercise Price $9.19 - $20.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 257,750 |
Number of shares exercisable | shares | 238,000 |
Weighted average exercise price outstanding | $ / shares | $ 16.30 |
Weighted average exercise price exercisable | $ / shares | $ 16.28 |
Weighted average remaining life (years) outstanding | 3 years 9 months 11 days |
Weighted average remaining life (years) exercisable | 3 years 8 months 16 days |
Exercise Price $20.01 - $25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 241,455 |
Number of shares exercisable | shares | 110,055 |
Weighted average exercise price outstanding | $ / shares | $ 23.68 |
Weighted average exercise price exercisable | $ / shares | $ 23.54 |
Weighted average remaining life (years) outstanding | 6 years 6 months 15 days |
Weighted average remaining life (years) exercisable | 5 years 10 months 21 days |
Exercise Price $25.01 - $30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 153,724 |
Number of shares exercisable | shares | 71,524 |
Weighted average exercise price outstanding | $ / shares | $ 26 |
Weighted average exercise price exercisable | $ / shares | $ 26.11 |
Weighted average remaining life (years) outstanding | 6 years 10 months 28 days |
Weighted average remaining life (years) exercisable | 6 years 5 months 9 days |
Exercise Price $30.01 - $40.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 202,864 |
Number of shares exercisable | shares | 51,464 |
Weighted average exercise price outstanding | $ / shares | $ 35.88 |
Weighted average exercise price exercisable | $ / shares | $ 34.76 |
Weighted average remaining life (years) outstanding | 8 years 7 months 21 days |
Weighted average remaining life (years) exercisable | 8 years 3 months 7 days |
Exercise Price $40.01 - $49.30 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding | shares | 814,500 |
Number of shares exercisable | shares | 0 |
Weighted average exercise price outstanding | $ / shares | $ 48.86 |
Weighted average exercise price exercisable | $ / shares | $ 0 |
Weighted average remaining life (years) outstanding | 9 years 7 months 17 days |
Stock-based Compensation - Ac38
Stock-based Compensation - Activity of restricted stock awards (Details 3) - Restricted Stock - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | ||
Weighted-Average Grant Date Fair Value | |||
Balance | $ 26.80 | $ 18.70 | |
Granted | 33.68 | ||
Vested | [1] | 22.47 | 23.58 |
Forfeited | 16.50 | 0 | |
Balance | $ 29.27 | $ 26.80 | |
Restricted Shares Outstanding | |||
Balance | 42,949 | 36,690 | |
Granted | 31,466 | ||
Vested | [1] | (15,346) | (25,207) |
Forfeited | (130) | ||
Balance | 27,473 | 42,949 | |
[1] | The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly 4,553 shares were surrendered during the nine months ended September 30, 2017 and 7,851 shares were surrendered during the twelve months ended December 31, 2016. |
Stock-based Compensation (Det39
Stock-based Compensation (Detail Textuals) - Stock Options - $ / shares | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of shares surrendered (in shares) | 4,443 | 10,244 | |
Options outstanding | 1,670,293 | ||
Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options outstanding | 1,670,293 | 922,026 | 746,004 |
Weighted average per share fair value of options | $ 15.44 | $ 11.04 |
Stock-based Compensation (Det40
Stock-based Compensation (Detail Textuals 1) - Stock Options - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average remaining contractual life of exercisable options | 5 years 1 month 21 days | |
Total intrinsic value of options exercised | $ 1.8 | $ 1.3 |
Stock-based Compensation (Det41
Stock-based Compensation (Detail Textuals 2) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based employee compensation | $ 1.9 | $ 1.1 |
Unrecognized compensation cost | $ 15.2 | |
Remaining vesting period over which cost expected to be recognized | 4 years | |
Restricted Stock Agreements | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Numbers of shares surrendered (in shares) | 4,553 | 7,851 |
Securities Available for Sale -
Securities Available for Sale - Amortized costs and fair values of securities available for sale (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 408,224 | $ 369,759 |
Gross Unrealized Gains | 2,584 | 2,606 |
Gross Unrealized Losses | 2,591 | 7,078 |
Fair Value | 408,217 | 365,287 |
U.S. government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,394 | 1,981 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 122 | 18 |
Fair Value | 26,272 | 1,963 |
State, county and municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 189,226 | 191,721 |
Gross Unrealized Gains | 521 | 160 |
Gross Unrealized Losses | 1,031 | 4,638 |
Fair Value | 188,716 | 187,243 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 159,113 | 161,309 |
Gross Unrealized Gains | 261 | 242 |
Gross Unrealized Losses | 1,438 | 2,422 |
Fair Value | 157,936 | 159,129 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,203 | 12,117 |
Gross Unrealized Gains | 541 | 52 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 32,744 | 12,169 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,288 | 2,631 |
Gross Unrealized Gains | 1,261 | 2,152 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 2,549 | $ 4,783 |
Securities Available for Sale43
Securities Available for Sale - Gross unrealized losses and the related fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 185,046 | $ 304,190 |
Less than 12 months, Unrealized Losses | 1,221 | 6,958 |
12 months or more, Fair Value | 82,152 | 4,953 |
12 months or more, Unrealized Losses | 1,370 | 120 |
Total, Fair Value | 267,198 | 309,143 |
Total, Unrealized Losses | 2,591 | 7,078 |
U.S. government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 26,272 | 1,963 |
Less than 12 months, Unrealized Losses | 122 | 18 |
12 months or more, Fair Value | 0 | 0 |
12 months or more, Unrealized Losses | 0 | 0 |
Total, Fair Value | 26,272 | 1,963 |
Total, Unrealized Losses | 122 | 18 |
State, county and municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 63,924 | 167,457 |
Less than 12 months, Unrealized Losses | 352 | 4,629 |
12 months or more, Fair Value | 46,677 | 1,300 |
12 months or more, Unrealized Losses | 679 | 9 |
Total, Fair Value | 110,601 | 168,757 |
Total, Unrealized Losses | 1,031 | 4,638 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 94,850 | 134,770 |
Less than 12 months, Unrealized Losses | 747 | 2,311 |
12 months or more, Fair Value | 35,475 | 3,653 |
12 months or more, Unrealized Losses | 691 | 111 |
Total, Fair Value | 130,325 | 138,423 |
Total, Unrealized Losses | $ 1,438 | $ 2,422 |
Securities Available for Sale44
Securities Available for Sale - Amortized cost and fair values of securities available for sale at by contractual maturity (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due in less than one year | $ 13,262 | |
Amortized Cost, Due in one year through five years | 96,098 | |
Amortized Cost, Due after five years through ten years | 130,477 | |
Amortized Cost, Due after ten years | 7,986 | |
Available for sale, Single maturity date, Amortized Cost | 247,823 | |
Amortized Cost, Securities available for sale | 408,224 | $ 369,759 |
Fair Value, Due in less than one year | 13,261 | |
Fair Value, Due in one year through five years | 96,410 | |
Fair Value, Due after five years through ten years | 129,769 | |
Fair Value, Due after ten years | 8,292 | |
Available for sale, Single maturity date, Fair value | 247,732 | |
Fair Value, Securities available for sale | 408,217 | 365,287 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Securities available for sale | 159,113 | 161,309 |
Fair Value, Securities available for sale | 157,936 | 159,129 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Securities available for sale | 1,288 | 2,631 |
Fair Value, Securities available for sale | $ 2,549 | $ 4,783 |
Securities Available for Sale45
Securities Available for Sale (Detail Textuals) | 9 Months Ended | ||
Sep. 30, 2017USD ($)Security | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Available-for-sale Securities [Abstract] | |||
Gross unrealized losses | $ 2,591,000 | $ 7,078,000 | |
Number of securities | Security | 507 | ||
Proceeds from sales of securities available for sale | $ 10,798,000 | $ 30,319,000 | |
Gross gains realized on sales | 1,200,000 | 90,000 | |
Gross losses realized on sales | $ 7,000 | $ 13,000 |
Loans, Allowance for Loan Los46
Loans, Allowance for Loan Losses, and Credit Quality - Summary of loan composition (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 2,051,122 | $ 1,568,907 | $ 1,554,124 | |
Less allowance for loan losses | 12,610 | 11,820 | 11,481 | $ 10,307 |
Loans, net | $ 2,038,512 | $ 1,557,087 | 1,542,643 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 0.61% | 0.75% | ||
Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 22,514 | $ 14,515 | 14,102 | |
Less allowance for loan losses | 217 | $ 152 | 127 | 74 |
Loans, net | $ 22,297 | 13,975 | ||
% of Total | 1.00% | 0.90% | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 625,729 | $ 428,270 | 423,790 | |
Less allowance for loan losses | 5,025 | $ 3,919 | 4,204 | 3,721 |
Loans, net | $ 620,704 | 419,586 | ||
% of Total | 30.50% | 27.30% | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 428,054 | $ 360,227 | ||
Less allowance for loan losses | $ 2,643 | $ 2,867 | 2,585 | 1,933 |
% of Total | 20.90% | 23.00% | ||
Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 36,352 | $ 34,767 | 34,077 | |
Less allowance for loan losses | 166 | $ 150 | 125 | 85 |
Loans, net | $ 36,186 | 33,952 | ||
% of Total | 1.80% | 2.20% | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 48,443 | $ 45,234 | 45,671 | |
Less allowance for loan losses | 268 | $ 285 | 303 | 380 |
Loans, net | $ 48,175 | 45,368 | ||
% of Total | 2.40% | 2.90% | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 303,448 | $ 195,879 | 197,884 | |
Less allowance for loan losses | 1,257 | $ 1,124 | 1,029 | 785 |
Loans, net | $ 302,191 | 196,855 | ||
% of Total | 14.80% | 12.50% | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 87,649 | $ 74,988 | 68,161 | |
Less allowance for loan losses | 742 | $ 774 | 860 | 1,446 |
Loans, net | $ 86,907 | 67,301 | ||
% of Total | 4.30% | 4.80% | ||
Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 363,116 | $ 300,304 | 284,653 | |
Less allowance for loan losses | 1,658 | $ 1,784 | 1,433 | 1,240 |
Loans, net | $ 361,458 | 283,220 | ||
% of Total | 18.00% | 19.10% | ||
Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 102,654 | $ 91,331 | 95,901 | |
Less allowance for loan losses | 467 | $ 461 | 492 | 496 |
Loans, net | $ 102,187 | 95,409 | ||
% of Total | 5.00% | 5.80% | ||
Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 33,163 | $ 23,392 | 27,331 | |
Less allowance for loan losses | 167 | $ 304 | 323 | 147 |
Loans, net | $ 32,996 | 27,008 | ||
% of Total | 1.60% | 1.50% | ||
Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 1,166,389 | $ 901,987 | 852,398 | |
Less allowance for loan losses | 10,406 | 9,449 | 8,988 | 8,714 |
Loans, net | $ 1,155,983 | $ 892,538 | 843,410 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 0.89% | 1.05% | ||
Originated | Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 17,092 | $ 10,095 | 9,179 | |
Less allowance for loan losses | 189 | $ 132 | 107 | 63 |
Loans, net | $ 16,903 | 9,072 | ||
% of Total | 1.50% | 1.10% | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 470,700 | $ 330,073 | 321,522 | |
Less allowance for loan losses | 4,236 | $ 3,150 | 3,299 | 3,135 |
Loans, net | $ 466,464 | 318,223 | ||
% of Total | 40.40% | 36.60% | ||
Originated | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 221,556 | $ 182,776 | ||
Less allowance for loan losses | $ 2,120 | $ 2,263 | 1,975 | 1,567 |
% of Total | 19.00% | 20.30% | ||
Originated | Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 11,605 | $ 9,192 | 8,857 | |
Less allowance for loan losses | 141 | $ 122 | 100 | 71 |
Loans, net | $ 11,464 | 8,757 | ||
% of Total | 1.00% | 1.00% | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 23,876 | $ 18,858 | 18,222 | |
Less allowance for loan losses | 211 | $ 222 | 226 | 299 |
Loans, net | $ 23,665 | 17,996 | ||
% of Total | 2.00% | 2.10% | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 98,328 | $ 72,930 | 72,182 | |
Less allowance for loan losses | 1,033 | $ 893 | 797 | 646 |
Loans, net | $ 97,295 | 71,385 | ||
% of Total | 8.40% | 8.10% | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 55,387 | $ 44,147 | 34,916 | |
Less allowance for loan losses | 636 | $ 656 | 748 | 1,381 |
Loans, net | $ 54,751 | 34,168 | ||
% of Total | 4.70% | 4.90% | ||
Originated | Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 180,509 | $ 164,949 | 138,103 | |
Less allowance for loan losses | 1,321 | $ 1,372 | 1,072 | 987 |
Loans, net | $ 179,188 | 137,031 | ||
% of Total | 15.50% | 18.30% | ||
Originated | Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 60,207 | $ 48,199 | 47,346 | |
Less allowance for loan losses | 388 | $ 373 | 387 | 418 |
Loans, net | $ 59,819 | 46,959 | ||
% of Total | 5.20% | 5.30% | ||
Originated | Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 27,129 | $ 20,768 | 20,964 | |
Less allowance for loan losses | 131 | $ 266 | 277 | 147 |
Loans, net | $ 26,998 | 20,687 | ||
% of Total | 2.30% | 2.30% | ||
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 884,733 | $ 666,920 | 701,726 | |
Less allowance for loan losses | 2,204 | 2,371 | 2,493 | 1,593 |
Loans, net | $ 882,529 | $ 664,549 | 699,233 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 0.25% | 0.36% | ||
Acquired | Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 5,422 | $ 4,420 | 4,923 | |
Less allowance for loan losses | 28 | $ 20 | 20 | 11 |
Loans, net | $ 5,394 | 4,903 | ||
% of Total | 0.60% | 0.70% | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 155,029 | $ 98,197 | 102,268 | |
Less allowance for loan losses | 789 | $ 769 | 905 | 586 |
Loans, net | $ 154,240 | 101,363 | ||
% of Total | 17.50% | 14.70% | ||
Acquired | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 206,498 | $ 177,451 | ||
Less allowance for loan losses | $ 523 | $ 604 | 610 | 366 |
% of Total | 23.30% | 26.60% | ||
Acquired | Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 24,747 | $ 25,575 | 25,220 | |
Less allowance for loan losses | 25 | $ 28 | 25 | 14 |
Loans, net | $ 24,722 | 25,195 | ||
% of Total | 2.80% | 3.80% | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 24,567 | $ 26,376 | 27,449 | |
Less allowance for loan losses | 57 | $ 63 | 77 | 81 |
Loans, net | $ 24,510 | 27,372 | ||
% of Total | 2.80% | 4.00% | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 205,120 | $ 122,949 | 125,702 | |
Less allowance for loan losses | 224 | $ 231 | 232 | 139 |
Loans, net | $ 204,896 | 125,470 | ||
% of Total | 23.20% | 18.40% | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 32,262 | $ 30,841 | 33,245 | |
Less allowance for loan losses | 106 | $ 118 | 112 | 65 |
Loans, net | $ 32,156 | 33,133 | ||
% of Total | 3.70% | 4.60% | ||
Acquired | Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 182,607 | $ 135,355 | 146,550 | |
Less allowance for loan losses | 337 | $ 412 | 361 | 253 |
Loans, net | $ 182,270 | 146,189 | ||
% of Total | 20.60% | 20.30% | ||
Acquired | Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 42,447 | $ 43,132 | 48,555 | |
Less allowance for loan losses | 79 | $ 88 | 105 | 78 |
Loans, net | $ 42,368 | 48,450 | ||
% of Total | 4.80% | 6.50% | ||
Acquired | Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 6,034 | $ 2,624 | 6,367 | |
Less allowance for loan losses | 36 | $ 38 | 46 | $ 0 |
Loans, net | $ 5,998 | $ 6,321 | ||
% of Total | 0.70% | 0.40% |
Loans, Allowance for Loan Los47
Loans, Allowance for Loan Losses, and Credit Quality - Summary of changes in ALLL by portfolio segment for periods - Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 11,820 | $ 10,307 |
Provision | 1,875 | 1,350 |
Charge-offs | (1,156) | (432) |
Recoveries | 71 | 256 |
Net charge-offs | (1,085) | (176) |
Ending balance | $ 12,610 | $ 11,481 |
As percent of ALLL | 100.00% | 100.00% |
Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 152 | $ 74 |
Provision | 90 | 89 |
Charge-offs | (38) | (39) |
Recoveries | 13 | 3 |
Net charge-offs | (25) | (36) |
Ending balance | $ 217 | $ 127 |
As percent of ALLL | 1.70% | 1.10% |
Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 3,919 | $ 3,721 |
Provision | 2,183 | 745 |
Charge-offs | (1,097) | (279) |
Recoveries | 20 | 17 |
Net charge-offs | (1,077) | (262) |
Ending balance | $ 5,025 | $ 4,204 |
As percent of ALLL | 39.90% | 36.60% |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 2,867 | $ 1,933 |
Provision | (253) | 710 |
Charge-offs | 0 | (61) |
Recoveries | 29 | 3 |
Net charge-offs | 29 | (58) |
Ending balance | $ 2,643 | $ 2,585 |
As percent of ALLL | 21.00% | 22.50% |
Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 150 | $ 85 |
Provision | 16 | 40 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 166 | $ 125 |
As percent of ALLL | 1.30% | 1.10% |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 285 | $ 380 |
Provision | (17) | (77) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 268 | $ 303 |
As percent of ALLL | 2.10% | 2.60% |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,124 | $ 785 |
Provision | 132 | 23 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 221 |
Net charge-offs | 1 | 221 |
Ending balance | $ 1,257 | $ 1,029 |
As percent of ALLL | 10.00% | 9.00% |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 774 | $ 1,446 |
Provision | (19) | (586) |
Charge-offs | (13) | 0 |
Recoveries | 0 | 0 |
Net charge-offs | (13) | 0 |
Ending balance | $ 742 | $ 860 |
As percent of ALLL | 5.90% | 7.50% |
Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,784 | $ 1,240 |
Provision | (124) | 188 |
Charge-offs | (8) | 0 |
Recoveries | 6 | 5 |
Net charge-offs | (2) | 5 |
Ending balance | $ 1,658 | $ 1,433 |
As percent of ALLL | 13.10% | 12.50% |
Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 461 | $ 496 |
Provision | 4 | 42 |
Charge-offs | 0 | (53) |
Recoveries | 2 | 7 |
Net charge-offs | 2 | (46) |
Ending balance | $ 467 | $ 492 |
As percent of ALLL | 3.70% | 4.30% |
Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 304 | $ 147 |
Provision | (137) | 176 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 167 | $ 323 |
As percent of ALLL | 1.30% | 2.80% |
Originated | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 9,449 | $ 8,714 |
Provision | 2,005 | 398 |
Charge-offs | (1,089) | (356) |
Recoveries | 41 | 232 |
Net charge-offs | (1,048) | (124) |
Ending balance | $ 10,406 | $ 8,988 |
As percent of ALLL | 100.00% | 100.00% |
Originated | Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 132 | $ 63 |
Provision | 82 | 80 |
Charge-offs | (38) | (38) |
Recoveries | 13 | 2 |
Net charge-offs | (25) | (36) |
Ending balance | $ 189 | $ 107 |
As percent of ALLL | 1.80% | 1.20% |
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 3,150 | $ 3,135 |
Provision | 2,128 | 426 |
Charge-offs | (1,043) | (262) |
Recoveries | 1 | 0 |
Net charge-offs | (1,042) | (262) |
Ending balance | $ 4,236 | $ 3,299 |
As percent of ALLL | 40.70% | 36.70% |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 2,263 | $ 1,567 |
Provision | (167) | 408 |
Charge-offs | 0 | (3) |
Recoveries | 24 | 3 |
Net charge-offs | 24 | 0 |
Ending balance | $ 2,120 | $ 1,975 |
As percent of ALLL | 2.04% | 22.00% |
Originated | Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 122 | $ 71 |
Provision | 19 | 29 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 141 | $ 100 |
As percent of ALLL | 1.40% | 1.10% |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 222 | $ 299 |
Provision | (11) | (73) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 211 | $ 226 |
As percent of ALLL | 2.00% | 2.50% |
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 893 | $ 646 |
Provision | 140 | (70) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 221 |
Net charge-offs | 0 | 221 |
Ending balance | $ 1,033 | $ 797 |
As percent of ALLL | 9.90% | 8.90% |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 656 | $ 1,381 |
Provision | (20) | (633) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 636 | $ 748 |
As percent of ALLL | 6.10% | 8.30% |
Originated | Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,372 | $ 987 |
Provision | (44) | 85 |
Charge-offs | (8) | 0 |
Recoveries | 1 | 0 |
Net charge-offs | (7) | 0 |
Ending balance | $ 1,321 | $ 1,072 |
As percent of ALLL | 12.70% | 11.90% |
Originated | Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 373 | $ 418 |
Provision | 13 | 16 |
Charge-offs | 0 | (53) |
Recoveries | 2 | 6 |
Net charge-offs | 2 | (47) |
Ending balance | $ 388 | $ 387 |
As percent of ALLL | 3.70% | 4.30% |
Originated | Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 266 | $ 147 |
Provision | (135) | 130 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 131 | $ 277 |
As percent of ALLL | 1.30% | 3.10% |
Acquired | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 2,371 | $ 1,593 |
Provision | (130) | 952 |
Charge-offs | (67) | (76) |
Recoveries | 30 | 24 |
Net charge-offs | (37) | (52) |
Ending balance | $ 2,204 | $ 2,493 |
As percent of ALLL | 100.00% | 100.00% |
Acquired | Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 20 | $ 11 |
Provision | 8 | 9 |
Charge-offs | 0 | (1) |
Recoveries | 0 | 1 |
Net charge-offs | 0 | 0 |
Ending balance | $ 28 | $ 20 |
As percent of ALLL | 1.30% | 0.80% |
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 769 | $ 586 |
Provision | 55 | 319 |
Charge-offs | (54) | (17) |
Recoveries | 19 | 17 |
Net charge-offs | (35) | 0 |
Ending balance | $ 789 | $ 905 |
As percent of ALLL | 35.80% | 36.30% |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 604 | $ 366 |
Provision | (86) | 302 |
Charge-offs | 0 | (58) |
Recoveries | 5 | 0 |
Net charge-offs | 5 | (58) |
Ending balance | $ 523 | $ 610 |
As percent of ALLL | 23.70% | 24.50% |
Acquired | Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 28 | $ 14 |
Provision | (3) | 11 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 25 | $ 25 |
As percent of ALLL | 1.10% | 1.00% |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 63 | $ 81 |
Provision | (6) | (4) |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 57 | $ 77 |
As percent of ALLL | 2.60% | 3.10% |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 231 | $ 139 |
Provision | (8) | 93 |
Charge-offs | 0 | 0 |
Recoveries | 1 | 0 |
Net charge-offs | 1 | 0 |
Ending balance | $ 224 | $ 232 |
As percent of ALLL | 10.20% | 9.30% |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 118 | $ 65 |
Provision | 1 | 47 |
Charge-offs | (13) | 0 |
Recoveries | 0 | 0 |
Net charge-offs | (13) | 0 |
Ending balance | $ 106 | $ 112 |
As percent of ALLL | 4.80% | 4.50% |
Acquired | Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 412 | $ 253 |
Provision | (80) | 103 |
Charge-offs | 0 | 0 |
Recoveries | 5 | 5 |
Net charge-offs | 5 | 5 |
Ending balance | $ 337 | $ 361 |
As percent of ALLL | 15.30% | 14.50% |
Acquired | Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 88 | $ 78 |
Provision | (9) | 26 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 1 |
Net charge-offs | 0 | 1 |
Ending balance | $ 79 | $ 105 |
As percent of ALLL | 3.60% | 4.20% |
Acquired | Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 38 | $ 0 |
Provision | (2) | 46 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Net charge-offs | 0 | 0 |
Ending balance | $ 36 | $ 46 |
As percent of ALLL | 1.60% | 1.80% |
Loans, Allowance for Loan Los48
Loans, Allowance for Loan Losses, and Credit Quality - Summary of changes in ALLL by portfolio segment - As percent of ALLL (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
ALLL: | ||||
Individually evaluated | $ 226 | $ 96 | ||
Collectively evaluated | 12,384 | 11,385 | ||
Ending balance | 12,610 | $ 11,820 | 11,481 | $ 10,307 |
Loans: | ||||
Individually evaluated | 13,732 | 20,580 | ||
Collectively evaluated | 2,037,390 | 1,533,544 | ||
Total loans | 2,051,122 | 1,568,907 | 1,554,124 | |
Less ALLL | 12,610 | 11,820 | 11,481 | 10,307 |
Net loans | 2,038,512 | 1,557,087 | 1,542,643 | |
Retail & other | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 217 | 127 | ||
Ending balance | 217 | 152 | 127 | 74 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 22,514 | 14,102 | ||
Total loans | 22,514 | 14,515 | 14,102 | |
Less ALLL | 217 | 152 | 127 | 74 |
Net loans | 22,297 | 13,975 | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | 226 | 96 | ||
Collectively evaluated | 4,799 | 4,108 | ||
Ending balance | 5,025 | 3,919 | 4,204 | 3,721 |
Loans: | ||||
Individually evaluated | 5,071 | 662 | ||
Collectively evaluated | 620,658 | 423,128 | ||
Total loans | 625,729 | 428,270 | 423,790 | |
Less ALLL | 5,025 | 3,919 | 4,204 | 3,721 |
Net loans | 620,704 | 419,586 | ||
Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 2,643 | 2,585 | ||
Ending balance | 2,643 | 2,585 | ||
Loans: | ||||
Individually evaluated | 1,116 | 2,666 | ||
Collectively evaluated | 426,938 | 359,888 | ||
Total loans | 428,054 | 360,227 | 362,554 | |
Less ALLL | 2,643 | 2,585 | ||
Net loans | 425,411 | 359,969 | ||
Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 166 | 125 | ||
Ending balance | 166 | 150 | 125 | 85 |
Loans: | ||||
Individually evaluated | 0 | 53 | ||
Collectively evaluated | 36,352 | 34,024 | ||
Total loans | 36,352 | 34,767 | 34,077 | |
Less ALLL | 166 | 150 | 125 | 85 |
Net loans | 36,186 | 33,952 | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 268 | 303 | ||
Ending balance | 268 | 285 | 303 | 380 |
Loans: | ||||
Individually evaluated | 218 | 240 | ||
Collectively evaluated | 48,225 | 45,431 | ||
Total loans | 48,443 | 45,234 | 45,671 | |
Less ALLL | 268 | 285 | 303 | 380 |
Net loans | 48,175 | 45,368 | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 1,257 | 1,029 | ||
Ending balance | 1,257 | 1,124 | 1,029 | 785 |
Loans: | ||||
Individually evaluated | 4,845 | 13,466 | ||
Collectively evaluated | 298,603 | 184,418 | ||
Total loans | 303,448 | 195,879 | 197,884 | |
Less ALLL | 1,257 | 1,124 | 1,029 | 785 |
Net loans | 302,191 | 196,855 | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 742 | 860 | ||
Ending balance | 742 | 774 | 860 | 1,446 |
Loans: | ||||
Individually evaluated | 723 | 722 | ||
Collectively evaluated | 86,926 | 67,439 | ||
Total loans | 87,649 | 74,988 | 68,161 | |
Less ALLL | 742 | 774 | 860 | 1,446 |
Net loans | 86,907 | 67,301 | ||
Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 1,658 | 1,433 | ||
Ending balance | 1,658 | 1,784 | 1,433 | 1,240 |
Loans: | ||||
Individually evaluated | 1,619 | 2,303 | ||
Collectively evaluated | 361,497 | 282,350 | ||
Total loans | 363,116 | 300,304 | 284,653 | |
Less ALLL | 1,658 | 1,784 | 1,433 | 1,240 |
Net loans | 361,458 | 283,220 | ||
Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 467 | 492 | ||
Ending balance | 467 | 461 | 492 | 496 |
Loans: | ||||
Individually evaluated | 60 | 181 | ||
Collectively evaluated | 102,594 | 95,720 | ||
Total loans | 102,654 | 91,331 | 95,901 | |
Less ALLL | 467 | 461 | 492 | 496 |
Net loans | 102,187 | 95,409 | ||
Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 167 | 323 | ||
Ending balance | 167 | 304 | 323 | 147 |
Loans: | ||||
Individually evaluated | 80 | 287 | ||
Collectively evaluated | 33,083 | 27,044 | ||
Total loans | 33,163 | 23,392 | 27,331 | |
Less ALLL | 167 | 304 | 323 | 147 |
Net loans | 32,996 | 27,008 | ||
Originated | ||||
ALLL: | ||||
Individually evaluated | 226 | 96 | ||
Collectively evaluated | 10,180 | 8,892 | ||
Ending balance | 10,406 | 9,449 | 8,988 | 8,714 |
Loans: | ||||
Individually evaluated | 615 | 319 | ||
Collectively evaluated | 1,165,774 | 852,079 | ||
Total loans | 1,166,389 | 901,987 | 852,398 | |
Less ALLL | 10,406 | 9,449 | 8,988 | 8,714 |
Net loans | 1,155,983 | 892,538 | 843,410 | |
Originated | Retail & other | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 189 | 107 | ||
Ending balance | 189 | 132 | 107 | 63 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 17,092 | 9,179 | ||
Total loans | 17,092 | 10,095 | 9,179 | |
Less ALLL | 189 | 132 | 107 | 63 |
Net loans | 16,903 | 9,072 | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | 226 | 96 | ||
Collectively evaluated | 4,010 | 3,203 | ||
Ending balance | 4,236 | 3,150 | 3,299 | 3,135 |
Loans: | ||||
Individually evaluated | 615 | 319 | ||
Collectively evaluated | 470,085 | 321,203 | ||
Total loans | 470,700 | 330,073 | 321,522 | |
Less ALLL | 4,236 | 3,150 | 3,299 | 3,135 |
Net loans | 466,464 | 318,223 | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 2,120 | 1,975 | ||
Ending balance | 2,120 | 1,975 | ||
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 221,556 | 181,107 | ||
Total loans | 221,556 | 181,107 | ||
Less ALLL | 2,120 | 1,975 | ||
Net loans | 219,436 | 179,132 | ||
Originated | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 141 | 100 | ||
Ending balance | 141 | 122 | 100 | 71 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 11,605 | 8,857 | ||
Total loans | 11,605 | 9,192 | 8,857 | |
Less ALLL | 141 | 122 | 100 | 71 |
Net loans | 11,464 | 8,757 | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 211 | 226 | ||
Ending balance | 211 | 222 | 226 | 299 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 23,876 | 18,222 | ||
Total loans | 23,876 | 18,858 | 18,222 | |
Less ALLL | 211 | 222 | 226 | 299 |
Net loans | 23,665 | 17,996 | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 1,033 | 797 | ||
Ending balance | 1,033 | 893 | 797 | 646 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 98,328 | 72,182 | ||
Total loans | 98,328 | 72,930 | 72,182 | |
Less ALLL | 1,033 | 893 | 797 | 646 |
Net loans | 97,295 | 71,385 | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 636 | 748 | ||
Ending balance | 636 | 656 | 748 | 1,381 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 55,387 | 34,916 | ||
Total loans | 55,387 | 44,147 | 34,916 | |
Less ALLL | 636 | 656 | 748 | 1,381 |
Net loans | 54,751 | 34,168 | ||
Originated | Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 1,321 | 1,072 | ||
Ending balance | 1,321 | 1,372 | 1,072 | 987 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 180,509 | 138,103 | ||
Total loans | 180,509 | 164,949 | 138,103 | |
Less ALLL | 1,321 | 1,372 | 1,072 | 987 |
Net loans | 179,188 | 137,031 | ||
Originated | Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 388 | 387 | ||
Ending balance | 388 | 373 | 387 | 418 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 60,207 | 47,346 | ||
Total loans | 60,207 | 48,199 | 47,346 | |
Less ALLL | 388 | 373 | 387 | 418 |
Net loans | 59,819 | 46,959 | ||
Originated | Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 131 | 277 | ||
Ending balance | 131 | 266 | 277 | 147 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 27,129 | 20,964 | ||
Total loans | 27,129 | 20,768 | 20,964 | |
Less ALLL | 131 | 266 | 277 | 147 |
Net loans | 26,998 | 20,687 | ||
Acquired | ||||
ALLL: | ||||
Ending balance | 2,204 | 2,371 | 2,493 | 1,593 |
Loans: | ||||
Individually evaluated | 13,117 | 20,261 | ||
Collectively evaluated | 871,616 | 681,465 | ||
Total loans | 884,733 | 666,920 | 701,726 | |
Less ALLL | 2,204 | 2,371 | 2,493 | 1,593 |
Net loans | 882,529 | 664,549 | 699,233 | |
Acquired | Retail & other | ||||
ALLL: | ||||
Ending balance | 28 | 20 | 20 | 11 |
Loans: | ||||
Individually evaluated | 0 | 0 | ||
Collectively evaluated | 5,422 | 4,923 | ||
Total loans | 5,422 | 4,420 | 4,923 | |
Less ALLL | 28 | 20 | 20 | 11 |
Net loans | 5,394 | 4,903 | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Ending balance | 789 | 769 | 905 | 586 |
Loans: | ||||
Individually evaluated | 4,456 | 343 | ||
Collectively evaluated | 150,573 | 101,925 | ||
Total loans | 155,029 | 98,197 | 102,268 | |
Less ALLL | 789 | 769 | 905 | 586 |
Net loans | 154,240 | 101,363 | ||
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Ending balance | 523 | 610 | ||
Loans: | ||||
Individually evaluated | 1,116 | 2,666 | ||
Collectively evaluated | 205,382 | 178,781 | ||
Total loans | 206,498 | 181,447 | ||
Less ALLL | 523 | 610 | ||
Net loans | 205,975 | 180,837 | ||
Acquired | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Ending balance | 25 | 28 | 25 | 14 |
Loans: | ||||
Individually evaluated | 0 | 53 | ||
Collectively evaluated | 24,747 | 25,167 | ||
Total loans | 24,747 | 25,575 | 25,220 | |
Less ALLL | 25 | 28 | 25 | 14 |
Net loans | 24,722 | 25,195 | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Ending balance | 57 | 63 | 77 | 81 |
Loans: | ||||
Individually evaluated | 218 | 240 | ||
Collectively evaluated | 24,349 | 27,209 | ||
Total loans | 24,567 | 26,376 | 27,449 | |
Less ALLL | 57 | 63 | 77 | 81 |
Net loans | 24,510 | 27,372 | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Ending balance | 224 | 231 | 232 | 139 |
Loans: | ||||
Individually evaluated | 4,845 | 13,466 | ||
Collectively evaluated | 200,275 | 112,236 | ||
Total loans | 205,120 | 122,949 | 125,702 | |
Less ALLL | 224 | 231 | 232 | 139 |
Net loans | 204,896 | 125,470 | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Ending balance | 106 | 118 | 112 | 65 |
Loans: | ||||
Individually evaluated | 723 | 722 | ||
Collectively evaluated | 31,539 | 32,523 | ||
Total loans | 32,262 | 30,841 | 33,245 | |
Less ALLL | 106 | 118 | 112 | 65 |
Net loans | 32,156 | 33,133 | ||
Acquired | Residential | First mortgage | ||||
ALLL: | ||||
Ending balance | 337 | 412 | 361 | 253 |
Loans: | ||||
Individually evaluated | 1,619 | 2,303 | ||
Collectively evaluated | 180,988 | 144,247 | ||
Total loans | 182,607 | 135,355 | 146,550 | |
Less ALLL | 337 | 412 | 361 | 253 |
Net loans | 182,270 | 146,189 | ||
Acquired | Residential | Junior mortgage | ||||
ALLL: | ||||
Ending balance | 79 | 88 | 105 | 78 |
Loans: | ||||
Individually evaluated | 60 | 181 | ||
Collectively evaluated | 42,387 | 48,374 | ||
Total loans | 42,447 | 43,132 | 48,555 | |
Less ALLL | 79 | 88 | 105 | 78 |
Net loans | 42,368 | 48,450 | ||
Acquired | Residential | Residential construction | ||||
ALLL: | ||||
Ending balance | 36 | 38 | 46 | 0 |
Loans: | ||||
Individually evaluated | 80 | 287 | ||
Collectively evaluated | 5,954 | 6,080 | ||
Total loans | 6,034 | 2,624 | 6,367 | |
Less ALLL | 36 | $ 38 | 46 | $ 0 |
Net loans | $ 5,998 | $ 6,321 |
Loans, Allowance for Loan Los49
Loans, Allowance for Loan Losses, and Credit Quality - Nonaccrual loans by portfolio segment (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 14,422 | $ 20,285 |
% to Non Accrual Total | 100.00% | 100.00% |
Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 5,078 | $ 358 |
% to Non Accrual Total | 35.20% | 1.80% |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,276 | $ 2,894 |
% to Non Accrual Total | 8.80% | 14.30% |
Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2 | $ 9 |
% to Non Accrual Total | 0.10% | |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 186 | $ 208 |
% to Non Accrual Total | 1.30% | 1.00% |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 4,537 | $ 12,317 |
% to Non Accrual Total | 31.40% | 60.60% |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 723 | $ 1,193 |
% to Non Accrual Total | 5.00% | 5.90% |
Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2,301 | $ 2,990 |
% to Non Accrual Total | 16.00% | 14.70% |
Residential | Junior mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 239 | $ 56 |
% to Non Accrual Total | 1.70% | 0.30% |
Residential | Residential construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 80 | $ 260 |
% to Non Accrual Total | 0.60% | 1.30% |
Originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 988 | $ 257 |
% to Non Accrual Total | 100.00% | 100.00% |
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 615 | $ 4 |
% to Non Accrual Total | 62.30% | 1.60% |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 38 | $ 42 |
% to Non Accrual Total | 3.80% | 16.30% |
Originated | Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2 | $ 7 |
% to Non Accrual Total | 0.20% | 2.70% |
Originated | Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 333 | $ 204 |
% to Non Accrual Total | 33.70% | 79.40% |
Acquired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 13,434 | $ 20,028 |
% to Non Accrual Total | 100.00% | 100.00% |
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 4,463 | $ 354 |
% to Non Accrual Total | 33.20% | 1.80% |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,238 | $ 2,852 |
% to Non Accrual Total | 9.20% | 14.20% |
Acquired | Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2 | |
% to Non Accrual Total | 0.10% | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 186 | $ 208 |
% to Non Accrual Total | 1.40% | 1.00% |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 4,537 | $ 12,317 |
% to Non Accrual Total | 33.80% | 61.40% |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 723 | $ 1,193 |
% to Non Accrual Total | 5.40% | 6.00% |
Acquired | Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,968 | $ 2,786 |
% to Non Accrual Total | 14.60% | 13.90% |
Acquired | Residential | Junior mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 239 | $ 56 |
% to Non Accrual Total | 1.80% | 0.30% |
Acquired | Residential | Residential construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 80 | $ 260 |
% to Non Accrual Total | 0.60% | 1.30% |
Loans, Allowance for Loan Los50
Loans, Allowance for Loan Losses, and Credit Quality - Summary of loans by past due status (Details 4) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 2,034,481 | $ 1,547,631 | |
Total loans | $ 2,051,122 | $ 1,568,907 | $ 1,554,124 |
As a percent of current loans | 99.20% | 98.60% | |
As a percent of total loans | 100.00% | 100.00% | |
30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | $ 2,219 | $ 991 | |
Financing receivable, percent past due | 0.10% | 0.10% | |
90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | $ 14,422 | $ 20,285 | |
Financing receivable, percent past due | 0.70% | 1.30% | |
Retail & other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 22,510 | $ 14,500 | |
Total loans | 22,514 | 14,515 | 14,102 |
Retail & other | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 4 | 15 | |
Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 620,348 | 427,890 | |
Total loans | 625,729 | 428,270 | 423,790 |
Commercial Portfolio Segment | Commercial & industrial | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 303 | 22 | |
Commercial Portfolio Segment | Commercial & industrial | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 5,078 | 358 | |
Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 426,549 | 357,065 | |
Total loans | 428,054 | 360,227 | |
Commercial Portfolio Segment | Owner-occupied CRE | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 229 | 268 | |
Commercial Portfolio Segment | Owner-occupied CRE | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 1,276 | 2,894 | |
Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 36,350 | 34,758 | |
Total loans | 36,352 | 34,767 | 34,077 |
Commercial Portfolio Segment | AG Production | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 2 | 9 | |
Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 48,257 | 45,026 | |
Total loans | 48,443 | 45,234 | 45,671 |
Commercial Real Estate Portfolio Segment | AG real estate | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 186 | 208 | |
Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 298,911 | 183,562 | |
Total loans | 303,448 | 195,879 | 197,884 |
Commercial Real Estate Portfolio Segment | CRE investment | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 4,537 | 12,317 | |
Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 86,888 | 73,795 | |
Total loans | 87,649 | 74,988 | 68,161 |
Commercial Real Estate Portfolio Segment | Construction & land development | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 38 | ||
Commercial Real Estate Portfolio Segment | Construction & land development | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 723 | 1,193 | |
Residential | First mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 360,278 | 296,828 | |
Total loans | 363,116 | 300,304 | 284,653 |
Residential | First mortgage | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 537 | 486 | |
Residential | First mortgage | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 2,301 | 2,990 | |
Residential | Junior mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 102,392 | 91,075 | |
Total loans | 102,654 | 91,331 | 95,901 |
Residential | Junior mortgage | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 23 | 200 | |
Residential | Junior mortgage | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 239 | 56 | |
Residential | Residential construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 31,998 | 23,132 | |
Total loans | 33,163 | 23,392 | $ 27,331 |
Residential | Residential construction | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 1,085 | ||
Residential | Residential construction | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | $ 80 | $ 260 |
Loans, Allowance for Loan Los51
Loans, Allowance for Loan Losses, and Credit Quality - Summary of loans by credit quality indicator based on internally assigned credit grade (Details 5) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 2,051,122 | $ 1,568,907 | $ 1,554,124 |
As a percent of total loans | 100.00% | 100.00% | |
Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 1,957,518 | $ 1,481,099 | |
As a percent of total loans | 95.40% | 94.40% | |
Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 58,368 | $ 52,214 | |
As a percent of total loans | 2.90% | 3.30% | |
Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 6,729 | $ 2,702 | |
As a percent of total loans | 0.30% | 0.20% | |
Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 28,507 | $ 32,892 | |
As a percent of total loans | 1.40% | 2.10% | |
Retail & other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 22,514 | $ 14,515 | 14,102 |
Retail & other | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 22,514 | 14,515 | |
Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 625,729 | 428,270 | 423,790 |
Commercial Portfolio Segment | Commercial & industrial | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 594,129 | 401,954 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,356 | 16,633 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,585 | 2,133 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 11,659 | 7,550 | |
Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 428,054 | 360,227 | 362,554 |
Commercial Portfolio Segment | Owner-occupied CRE | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 402,021 | 340,846 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 22,058 | 14,758 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,348 | 193 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,627 | 4,430 | |
Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 36,352 | 34,767 | 34,077 |
Commercial Portfolio Segment | AG Production | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,245 | 31,026 | |
Commercial Portfolio Segment | AG Production | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,067 | 3,191 | |
Commercial Portfolio Segment | AG Production | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 70 | ||
Commercial Portfolio Segment | AG Production | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,040 | 480 | |
Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 48,443 | 45,234 | 45,671 |
Commercial Real Estate Portfolio Segment | AG real estate | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 40,982 | 41,747 | |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,845 | 2,727 | |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,616 | 760 | |
Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 303,448 | 195,879 | 197,884 |
Commercial Real Estate Portfolio Segment | CRE investment | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 288,346 | 173,652 | |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 9,191 | 8,137 | |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 5,911 | 14,090 | |
Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 87,649 | 74,988 | 68,161 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 85,932 | 69,097 | |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 627 | 4,318 | |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17 | ||
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,073 | 1,573 | |
Residential | First mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 363,116 | 300,304 | 284,653 |
Residential | First mortgage | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 356,985 | 295,109 | |
Residential | First mortgage | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 2,207 | 1,348 | |
Residential | First mortgage | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 779 | 192 | |
Residential | First mortgage | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,145 | 3,655 | |
Residential | Junior mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 102,654 | 91,331 | 95,901 |
Residential | Junior mortgage | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 102,281 | 91,123 | |
Residential | Junior mortgage | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 17 | ||
Residential | Junior mortgage | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 114 | ||
Residential | Junior mortgage | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 356 | 94 | |
Residential | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 33,163 | 23,392 | $ 27,331 |
Residential | Residential construction | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 33,083 | 22,030 | |
Residential | Residential construction | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,102 | ||
Residential | Residential construction | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 80 | $ 260 |
Loans, Allowance for Loan Los52
Loans, Allowance for Loan Losses, and Credit Quality - Summary of information pertaining to impaired loans (Details 6) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | $ 13,732 | $ 19,217 |
Total: Unpaid Principal Balance | 29,911 | 33,422 |
Related Allowance | 226 | |
Average Recorded Investment | 14,170 | 19,883 |
Interest Income Recognized | 1,141 | 1,789 |
Retail & other | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Unpaid Principal Balance | 14 | 36 |
Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 5,071 | 338 |
Total: Unpaid Principal Balance | 12,275 | 720 |
Related Allowance | 226 | |
Average Recorded Investment | 5,057 | 348 |
Interest Income Recognized | 469 | 34 |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 1,116 | 2,588 |
Total: Unpaid Principal Balance | 2,793 | 4,661 |
Average Recorded Investment | 1,185 | 2,700 |
Interest Income Recognized | 96 | 271 |
Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 41 | |
Total: Unpaid Principal Balance | 15 | 163 |
Average Recorded Investment | 48 | |
Interest Income Recognized | 6 | |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 218 | 240 |
Total: Unpaid Principal Balance | 308 | 332 |
Average Recorded Investment | 229 | 245 |
Interest Income Recognized | 25 | 26 |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 4,845 | 12,552 |
Total: Unpaid Principal Balance | 8,863 | 19,695 |
Average Recorded Investment | 5,099 | 12,982 |
Interest Income Recognized | 353 | 1,051 |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 723 | 694 |
Total: Unpaid Principal Balance | 1,189 | 2,122 |
Average Recorded Investment | 743 | 752 |
Interest Income Recognized | 44 | 112 |
Residential | First mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 1,619 | 2,204 |
Total: Unpaid Principal Balance | 2,971 | 3,706 |
Average Recorded Investment | 1,699 | 2,312 |
Interest Income Recognized | 121 | 190 |
Residential | Junior mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 60 | 299 |
Total: Unpaid Principal Balance | 500 | 639 |
Average Recorded Investment | 64 | 209 |
Interest Income Recognized | 6 | 17 |
Residential | Residential construction | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 80 | 261 |
Total: Unpaid Principal Balance | 983 | 1,348 |
Average Recorded Investment | 94 | 287 |
Interest Income Recognized | 27 | $ 82 |
Originated | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 615 | |
Total: Unpaid Principal Balance | 615 | |
Related Allowance | 226 | |
Average Recorded Investment | 615 | |
Interest Income Recognized | 91 | |
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 615 | |
Total: Unpaid Principal Balance | 615 | |
Related Allowance | 226 | |
Average Recorded Investment | 615 | |
Interest Income Recognized | 91 | |
Acquired | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 13,117 | |
Total: Unpaid Principal Balance | 29,296 | |
Related Allowance | 0 | |
Average Recorded Investment | 13,555 | |
Interest Income Recognized | 1,050 | |
Acquired | Retail & other | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 0 | |
Total: Unpaid Principal Balance | 14 | |
Related Allowance | 0 | |
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 4,456 | |
Total: Unpaid Principal Balance | 11,660 | |
Related Allowance | 0 | |
Average Recorded Investment | 4,442 | |
Interest Income Recognized | 378 | |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 1,116 | |
Total: Unpaid Principal Balance | 2,793 | |
Related Allowance | 0 | |
Average Recorded Investment | 1,185 | |
Interest Income Recognized | 96 | |
Acquired | Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | ||
Total: Unpaid Principal Balance | 15 | |
Related Allowance | 0 | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 218 | |
Total: Unpaid Principal Balance | 308 | |
Related Allowance | 0 | |
Average Recorded Investment | 229 | |
Interest Income Recognized | 25 | |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 4,845 | |
Total: Unpaid Principal Balance | 8,863 | |
Related Allowance | 0 | |
Average Recorded Investment | 5,099 | |
Interest Income Recognized | 353 | |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 723 | |
Total: Unpaid Principal Balance | 1,189 | |
Related Allowance | 0 | |
Average Recorded Investment | 743 | |
Interest Income Recognized | 44 | |
Acquired | Residential | First mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 1,619 | |
Total: Unpaid Principal Balance | 2,971 | |
Related Allowance | 0 | |
Average Recorded Investment | 1,699 | |
Interest Income Recognized | 121 | |
Acquired | Residential | Junior mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 60 | |
Total: Unpaid Principal Balance | 60 | |
Related Allowance | 0 | |
Average Recorded Investment | 64 | |
Interest Income Recognized | 6 | |
Acquired | Residential | Residential construction | ||
Financing Receivable, Impaired [Line Items] | ||
Total: Recorded Investment | 80 | |
Total: Unpaid Principal Balance | 983 | |
Related Allowance | 0 | |
Average Recorded Investment | 94 | |
Interest Income Recognized | $ 27 |
Loans, Allowance for Loan Los53
Loans, Allowance for Loan Losses, and Credit Quality (Details 7) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Accretion Discount [Roll Forward] | ||
Balance at beginning of period | $ 14,327 | $ 4,229 |
Acquired balance, net | 8,352 | 13,923 |
Accretion to loan interest income | (5,925) | (3,458) |
Disposals of loans | (1,121) | (367) |
Balance at end of period | $ 15,633 | $ 14,327 |
Loans, Allowance for Loan Los54
Loans, Allowance for Loan Losses, and Credit Quality (Detail Textuals) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)Loan | Sep. 30, 2017USD ($)Loan | Apr. 30, 2017USD ($) | Dec. 31, 2016USD ($) | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | $ 13,732,000 | $ 13,732,000 | $ 19,217,000 | |
Number of loans classified as troubled debt restructuring | Loan | 2 | 7 | ||
Total troubled debt restructuring loan | $ 5,200,000 | $ 5,200,000 | ||
Troubled debt restructuring premodification balance | 5,200,000 | 5,200,000 | ||
Specific reserve allocation | 226,000 | 226,000 | ||
Minimum | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 250,000 | 250,000 | ||
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | $ 13,117,000 | 13,117,000 | ||
Number of loans classified as troubled debt restructuring | Loan | 1 | |||
Specific reserve allocation | $ 0 | 0 | ||
Troubled Debt Restructurings Loan Amount | 3,500,000 | |||
Amount Of Acquired Loan | 700,000 | |||
Baylake Corp. ("Baylake") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 12,300,000 | 12,300,000 | ||
Loans receivables acquired at fair value in acquisition | 43,600 | 43,600 | ||
First Menasha merger | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
PCI loans acquired fair value | 3,100,000 | 3,100,000 | $ 5,400,000 | |
Nonaccretable mark | 2,400,000 | 2,400,000 | 5,900,000 | |
First Menasha merger | Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 800,000 | 800,000 | ||
PCI loans acquired fair value | 43,600,000 | |||
Nonaccretable mark | 34,400,000 | |||
Accretable mark | $ 0 | |||
Loans receivables acquired at fair value in acquisition | $ 13,100,000 | $ 13,100,000 |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets and Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization during the period | $ 1,173 | $ 1,172 | $ 3,514 | $ 2,295 | |
Core deposit intangibles | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 29,015 | 29,015 | $ 25,345 | ||
Accumulated amortization | (11,469) | (11,469) | (8,244) | ||
Net book value | 17,546 | 17,546 | 17,101 | ||
Additions during the period | 3,670 | 17,259 | |||
Amortization during the period | 3,225 | 3,189 | |||
Customer list intangibles | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Gross carrying amount | 5,233 | 5,233 | 4,363 | ||
Accumulated amortization | (558) | (558) | (269) | ||
Net book value | $ 4,675 | 4,675 | 4,094 | ||
Additions during the period | 870 | 4,363 | |||
Amortization during the period | $ 289 | $ 269 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets and Mortgage Servicing Rights (Details 1) - Mortgage Servicing Rights - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Mortgage servicing rights (MSR) asset: | ||
MSR asset at beginning of year | $ 1,922 | $ 193 |
Capitalized MSR | 679 | 1,023 |
MSR asset acquired | 874 | 885 |
Amortization during the period | (339) | (179) |
Valuation allowance at end of period | 0 | 0 |
Net book value at end of period | 3,136 | 1,922 |
Fair value of MSR asset at end of period | 4,116 | 2,013 |
Residential mortgage loans serviced for others | $ 509,897 | $ 295,353 |
Net book value of MSR asset to loans serviced for others | 0.62% | 0.65% |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets and Mortgage Servicing Rights (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2017 (remaining six months) | $ 1,070 | |
2,018 | 3,915 | |
2,019 | 3,337 | |
2,020 | 2,657 | |
2,021 | 2,167 | |
Thereafter | 4,400 | |
Net book value | 17,546 | $ 17,101 |
Customer list intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2017 (remaining six months) | 112 | |
2,018 | 449 | |
2,019 | 449 | |
2,020 | 449 | |
2,021 | 449 | |
Thereafter | 2,767 | |
Net book value | 4,675 | $ 4,094 |
MSR asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
2017 (remaining six months) | 136 | |
2,018 | 544 | |
2,019 | 544 | |
2,020 | 677 | |
2,021 | 301 | |
Thereafter | 934 | |
Net book value | $ 3,136 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets and Mortgage Servicing Rights (Detail Textuals) - USD ($) $ in Millions | 6 Months Ended | 9 Months Ended | ||||
Jun. 30, 2017 | Sep. 30, 2017 | Apr. 28, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Apr. 29, 2016 | |
Indefinite-lived Intangible Assets [Line Items] | ||||||
Carrying amount of goodwill | $ 107.4 | $ 66.7 | $ 66 | |||
Core deposit intangible | $ 17 | |||||
First Menasha Bancshares, Inc | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Additions to carrying amount related to acquisition | $ 39.7 | |||||
Group of financial advisors | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Carrying amount of goodwill | $ 0.4 | |||||
Merger Agreement | First Menasha Bancshares, Inc | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Gain in pre-tax earnings | 1.2 | |||||
Increased in goodwill | 1 | |||||
Core deposit intangibles | First Menasha Bancshares, Inc | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Core deposit intangibles related to the First Menasha merger | $ 3.7 | |||||
Core deposit intangibles | Merger Agreement | First Menasha Bancshares, Inc | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Core deposit intangible | $ 4 | |||||
Customer list intangibles | Group of financial advisors | ||||||
Indefinite-lived Intangible Assets [Line Items] | ||||||
Core deposit intangible | $ 0.9 | $ 4.3 |
Notes Payable - Information reg
Notes Payable - Information regarding notes payable (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Type [Line Items] | ||
Notes payable | $ 41,571 | $ 1,000 |
Federal Home Loan Bank ("FHLB") advances | ||
Debt Type [Line Items] | ||
Notes payable | $ 41,571 | $ 1,000 |
Notes Payable - Summary of matu
Notes Payable - Summary of maturity of notes payable (Details 1) - Notes Payable $ in Thousands | Sep. 30, 2017USD ($) |
Debt Type [Line Items] | |
2017 (remaining three months) | $ 5,018 |
2,018 | 1,000 |
2,019 | |
2,020 | 10,000 |
2,021 | |
2,022 | 25,553 |
Notes payable, total | $ 41,571 |
Notes Payable (Detail Textuals)
Notes Payable (Detail Textuals) - Federal Home Loan Bank ("FHLB") advances - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Type [Line Items] | ||
FHLB advances collateralized pledged | $ 330.7 | $ 283.8 |
Weighted Average | ||
Debt Type [Line Items] | ||
Weighted average rate of FHLB advances | 1.65% | 1.17% |
Notes Payable (Detail Textuals
Notes Payable (Detail Textuals 1) - Line of credit - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||
Borrowing capacity | $ 10 | |
Available line of credit | $ 10 | |
Variable rate of interest, description | one-month LIBOR plus a margin, but subject to a floor rate, with quarterly payments of interest only | |
Base rate, description | one-month LIBOR | |
Basis spread | 2.25% | |
Floor rate | 3.25% | |
Borrowing outstanding | $ 0 | $ 0 |
Junior Subordinated Debenture63
Junior Subordinated Debentures (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | ||
Debt Instrument [Line Items] | |||
Par | $ 38,249 | ||
Unamortized Discount | (8,752) | ||
Carrying Value | $ 29,497 | $ 24,732 | |
2004 Nicolet Bankshares Statutory Trust | |||
Debt Instrument [Line Items] | |||
Maturity Date | [1] | Jul. 15, 2034 | |
Par | [1] | $ 6,186 | |
Carrying Value | [1] | $ 6,186 | 6,186 |
2005 Mid-Wisconsin Financial Services, Inc. | |||
Debt Instrument [Line Items] | |||
Maturity Date | [2] | Dec. 15, 2035 | |
Par | [2] | $ 10,310 | |
Unamortized Discount | [2] | (3,620) | |
Carrying Value | [2] | $ 6,690 | 6,540 |
2006 Baylake Corp. | |||
Debt Instrument [Line Items] | |||
Maturity Date | [3] | Sep. 30, 2036 | |
Par | [3] | $ 16,598 | |
Unamortized Discount | [3] | (4,415) | |
Carrying Value | [3] | $ 12,183 | 12,006 |
2004 First Menasha Bancshares, Inc. | |||
Debt Instrument [Line Items] | |||
Maturity Date | [4] | Mar. 17, 2034 | |
Par | [4] | $ 5,155 | |
Unamortized Discount | [4] | (717) | |
Carrying Value | [4] | $ 4,438 | $ 0 |
[1] | The interest rate is 8.00% fixed. | ||
[2] | The debentures, assumed in April 2013 as the result of acquisition, have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 2.75% and 2.39% as of September 30, 2017 and December 31, 2016, respectively. | ||
[3] | The debentures, assumed in April 2016 as a result of acquisition, have a floating rate of the three-month LIBOR plus 1.35%, adjusted quarterly. The interest rates were 2.69% and 2.35% as of September 30, 2017 and December 31, 2016, respectively. | ||
[4] | The debentures, assumed in April 2017 as the result of acquisition, have a floating rate of the three-month LIBOR plus 2.79%, adjusted quarterly. The interest rate was 4.11% as of September 30, 2017. |
Junior Subordinated Debenture64
Junior Subordinated Debentures (Parentheticals) (Detail) | 1 Months Ended | ||||
Apr. 28, 2017 | Apr. 30, 2016 | Apr. 30, 2013 | Sep. 30, 2017 | Dec. 31, 2016 | |
Nicolet Bankshares Statutory Trust I (the "Statutory Trust") | |||||
Debt Instrument [Line Items] | |||||
Fixed rate on notes secured by building | 8.00% | ||||
Mid-Wisconsin Financial Services, Inc. ("Mid-Wisconsin") | |||||
Debt Instrument [Line Items] | |||||
Base rate, description | three-month LIBOR plus 1.43% | ||||
Fixed rate on notes secured by building | 2.75% | 2.39% | |||
Baylake Corp. ("Baylake") | |||||
Debt Instrument [Line Items] | |||||
Base rate, description | three-month LIBOR plus 1.35% | ||||
Fixed rate on notes secured by building | 2.69% | 2.35% | |||
First Menasha Bancshares, Inc | |||||
Debt Instrument [Line Items] | |||||
Base rate, description | three-month LIBOR plus 2.79% | ||||
Fixed rate on notes secured by building | 4.11% |
Junior Subordinated Debenture65
Junior Subordinated Debentures (Details Textuals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Subordinated Borrowings [Abstract] | ||
Junior Subordinated Notes | $ 29,497 | $ 24,732 |
Trust preferred securities qualify as Tier 1 capital | $ 28,300 | $ 23,600 |
Subordinated Notes (Detail Text
Subordinated Notes (Detail Textuals) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Principal amount of subordinated notes | $ 38,249,000 | ||
Subordinated notes | 11,912,000 | $ 11,900,000 | $ 11,885,000 |
Subordinated Notes | |||
Debt Instrument [Line Items] | |||
Principal amount of subordinated notes | $ 12,000,000 | ||
Subordinated notes, maturity period | 10 years | ||
Fixed rate on notes secured by building | 5.00% | ||
Debt issuance cost | $ 180,000 | ||
Debt issuance costs amortization description | The $180,000 debt issuance costs associated with the $12 million Notes are being amortized on a straight line basis over the first five years, representing the no-call periods, as additional interest expense. | ||
Unamortized debt issuance costs | $ 88,000 | $ 115,000 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 408,217 | $ 365,287 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 408,217 | 365,287 |
Total | Fair Value Measurements Using Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,549 | 4,783 |
Total | Fair Value Measurements Using Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 396,512 | 351,396 |
Total | Fair Value Measurements Using Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 9,156 | 9,108 |
Measured at Fair Value on a Recurring Basis | Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 408,217 | 365,287 |
Measured at Fair Value on a Recurring Basis | Total | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,272 | 1,963 |
Measured at Fair Value on a Recurring Basis | Total | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 188,716 | 187,243 |
Measured at Fair Value on a Recurring Basis | Total | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 157,936 | 159,129 |
Measured at Fair Value on a Recurring Basis | Total | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 32,744 | 12,169 |
Measured at Fair Value on a Recurring Basis | Total | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,549 | 4,783 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,549 | 4,783 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,549 | 4,783 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 396,512 | 351,396 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 2 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 26,272 | 1,963 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 2 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 188,057 | 186,717 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 157,929 | 159,076 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 24,254 | 3,640 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 9,156 | 9,108 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 3 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 659 | 526 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7 | 53 |
Measured at Fair Value on a Recurring Basis | Total | Fair Value Measurements Using Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 8,490 | $ 8,529 |
Fair Value Measurements - Mea68
Fair Value Measurements - Measured at Fair Value on Nonrecurring Basis (Details 1) - Measured at Fair Value on a Nonrecurring Basis - Total - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 13,506 | $ 19,217 |
OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,314 | 2,059 |
Fair Value Measurements Using Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 13,506 | 19,217 |
Fair Value Measurements Using Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 1,314 | $ 2,059 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of carrying amounts and estimated fair values of financial instruments (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Financial assets: | ||
Securities AFS | $ 408,217 | $ 365,287 |
Financial liabilities: | ||
Short-term borrowings | 12,900 | |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 96,103 | 129,103 |
Certificates of deposit in other banks | 2,494 | 3,984 |
Securities AFS | 408,217 | 365,287 |
Other investments | 14,931 | 17,499 |
Loans held for sale | 6,963 | 6,913 |
Loans, net | 2,038,512 | 1,557,087 |
BOLI | 63,989 | 54,134 |
MSR asset | 3,136 | 1,922 |
Financial liabilities: | ||
Deposits | 2,366,951 | 1,969,986 |
Short-term borrowings | 12,900 | |
Notes payable | 41,571 | 1,000 |
Junior subordinated debentures | 29,497 | 24,732 |
Subordinated debentures | 11,912 | 11,885 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 96,103 | 129,103 |
Certificates of deposit in other banks | 2,495 | 3,992 |
Securities AFS | 408,217 | 365,287 |
Other investments | 14,931 | 17,499 |
Loans held for sale | 7,089 | 6,968 |
Loans, net | 2,030,248 | 1,568,676 |
BOLI | 63,989 | 54,134 |
MSR asset | 4,116 | 2,013 |
Financial liabilities: | ||
Deposits | 2,366,199 | 1,969,973 |
Short-term borrowings | 12,900 | |
Notes payable | 41,708 | 1,002 |
Junior subordinated debentures | 28,907 | 24,095 |
Subordinated debentures | 11,417 | 11,459 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 96,103 | 129,103 |
Securities AFS | 2,549 | 4,783 |
BOLI | 63,989 | 54,134 |
Financial liabilities: | ||
Short-term borrowings | 12,900 | |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Certificates of deposit in other banks | 2,495 | 3,992 |
Securities AFS | 396,512 | 351,396 |
Other investments | 13,236 | 15,779 |
Loans held for sale | 7,089 | 6,968 |
Financial liabilities: | ||
Notes payable | 41,708 | 1,002 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Securities AFS | 9,156 | 9,108 |
Other investments | 1,695 | 1,720 |
Loans, net | 2,030,248 | 1,568,676 |
MSR asset | 4,116 | 2,013 |
Financial liabilities: | ||
Deposits | 2,366,199 | 1,969,973 |
Junior subordinated debentures | 28,907 | 24,095 |
Subordinated debentures | $ 11,417 | $ 11,459 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail Textuals) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
2004 First Menasha Bancshares, Inc. | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Amount of fair value | $ 0.2 |