Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | NICOLET BANKSHARES INC | |
Entity Central Index Key | 1,174,850 | |
Trading Symbol | nico | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 8,607,501 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 62,290 | $ 11,947 |
Interest-earning deposits | 34,265 | 70,755 |
Federal funds sold | 5,308 | 917 |
Cash and cash equivalents | 101,863 | 83,619 |
Certificates of deposit in other banks | 4,926 | 3,416 |
Securities available for sale ("AFS") | 371,387 | 172,596 |
Other investments | 14,637 | 8,135 |
Loans held for sale | 6,890 | 4,680 |
Loans | 1,560,557 | 877,061 |
Allowance for loan losses | (10,947) | (10,307) |
Loans, net | 1,549,610 | 866,754 |
Premises and equipment, net | 47,118 | 29,613 |
Bank owned life insurance ("BOLI") | 33,412 | 28,475 |
Goodwill and other intangibles | 90,271 | 3,793 |
Accrued interest receivable and other assets | 36,671 | 13,358 |
Total assets | 2,256,785 | 1,214,439 |
Liabilities: | ||
Demand | 437,810 | 226,554 |
Money market and NOW accounts | 912,044 | 486,677 |
Savings | 211,905 | 136,733 |
Time | 332,476 | 206,453 |
Total deposits | 1,894,235 | 1,056,417 |
Short-term borrowings | 11,170 | |
Notes payable | 6,000 | 15,412 |
Junior subordinated debentures | 24,514 | 12,527 |
Subordinated notes | 11,867 | 11,849 |
Accrued interest payable and other liabilities | 24,726 | 8,547 |
Total liabilities | 1,972,512 | 1,104,752 |
Stockholders' Equity: | ||
Preferred equity | 12,200 | 12,200 |
Common stock | 86 | 42 |
Additional paid-in capital | 212,173 | 45,220 |
Retained earnings | 56,584 | 51,059 |
Accumulated other comprehensive income ("AOCI") | 2,933 | 980 |
Total Nicolet Bankshares, Inc. stockholders' equity | 283,976 | 109,501 |
Noncontrolling interest | 297 | 186 |
Total stockholders' equity and noncontrolling interest | 284,273 | 109,687 |
Total liabilities, noncontrolling interest and stockholders' equity | $ 2,256,785 | $ 1,214,439 |
Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 |
Preferred shares issued and outstanding | 12,200 | 12,200 |
Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 |
Common shares outstanding | 8,598,688 | 4,154,377 |
Common shares issued | 8,648,503 | 4,191,067 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred shares, no par value (in dollars per share) | $ 0 | $ 0 |
Common shares, 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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Interest income: | |||||
Loans, including loan fees | $ 16,836 | $ 10,783 | $ 28,406 | $ 22,762 | |
Investment securities: | |||||
Taxable | 762 | 365 | 1,166 | 759 | |
Non-taxable | 391 | 264 | 653 | 535 | |
Other interest income | 362 | 119 | 555 | 219 | |
Total interest income | 18,351 | 11,531 | 30,780 | 24,275 | |
Interest expense: | |||||
Money market and NOW accounts | 605 | 558 | 1,095 | 1,124 | |
Savings and time deposits | 718 | 750 | 1,383 | 1,493 | |
Short-term borrowings | 5 | 5 | |||
Notes payable | 74 | 166 | 224 | 330 | |
Junior subordinated debentures | 324 | 219 | 550 | 436 | |
Subordinated notes | 159 | 125 | 318 | 176 | |
Total interest expense | 1,885 | 1,818 | 3,575 | 3,559 | |
Net interest income | 16,466 | 9,713 | 27,205 | 20,716 | |
Provision for loan losses | 450 | 450 | 900 | 900 | |
Net interest income after provision for loan losses | 16,016 | 9,263 | 26,305 | 19,816 | |
Noninterest income: | |||||
Service charges on deposit accounts | 870 | 612 | 1,463 | 1,121 | |
Trust services fee income | 1,465 | 1,236 | 2,627 | 2,440 | |
Mortgage income, net | 1,132 | 985 | 1,703 | 1,859 | |
Brokerage fee income | 788 | 169 | 1,098 | 339 | |
Bank owned life insurance | 312 | 255 | 562 | 497 | |
Rent income | 273 | 282 | 535 | 566 | |
Investment advisory fees | 95 | 85 | 195 | 203 | |
Gain on sale or writedown of assets, net | 100 | 740 | 95 | 951 | |
Other income | 1,335 | 530 | 1,970 | 988 | |
Total noninterest income | 6,370 | 4,894 | 10,248 | 8,964 | |
Noninterest expense: | |||||
Salaries and employee benefits | 8,884 | 5,668 | 14,232 | 11,359 | |
Occupancy, equipment and office | 2,508 | 1,733 | 4,306 | 3,518 | |
Business development and marketing | 790 | 550 | 1,368 | 1,035 | |
Data processing | 1,421 | 890 | 2,577 | 1,721 | |
FDIC assessments | 239 | 163 | 382 | 327 | |
Intangibles amortization | 874 | 260 | 1,123 | 535 | |
Other expense | 2,803 | 460 | 3,549 | 1,031 | |
Total noninterest expense | 17,519 | 9,724 | 27,537 | 19,526 | |
Income before income tax expense | 4,867 | 4,433 | 9,016 | 9,254 | |
Income tax expense | 1,545 | 1,463 | 2,994 | 3,171 | |
Net income | 3,322 | 2,970 | 6,022 | 6,083 | |
Less: net income attributable to noncontrolling interest | 65 | 35 | 111 | 68 | |
Net income attributable to Nicolet Bankshares, Inc. | 3,257 | 2,935 | 5,911 | 6,015 | |
Less: preferred stock dividends | 274 | 61 | 386 | 122 | |
Net income available to common shareholders | $ 2,983 | $ 2,874 | $ 5,525 | $ 5,893 | |
Basic earnings per common share (in dollars per share) | [1] | $ 0.41 | $ 0.72 | $ 0.97 | $ 1.47 |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.39 | $ 0.66 | $ 0.91 | $ 1.36 |
Weighted average common shares outstanding: | |||||
Basic (in shares) | 7,257,218 | 4,007,368 | 5,719,651 | 4,019,279 | |
Diluted (in shares) | 7,629,175 | 4,366,295 | 6,041,543 | 4,337,780 | |
[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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Other Comprehensive Income [Abstract] | ||||
Net income | $ 3,322 | $ 2,970 | $ 6,022 | $ 6,083 |
Unrealized gains (losses) on securities AFS: | ||||
Net unrealized holding gains (losses) arising during the period | 1,770 | (1,010) | 3,242 | (85) |
Reclassification adjustment for net gains included in net income | (40) | (630) | (40) | (630) |
Income tax (expense) benefit | (675) | 640 | (1,249) | 279 |
Total other comprehensive income (loss) | 1,055 | (1,000) | 1,953 | (436) |
Comprehensive income | $ 4,377 | $ 1,970 | $ 7,975 | $ 5,647 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands | Preferred Equity | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income | Noncontrolling Interest | Total |
Balance at Dec. 31, 2015 | $ 12,200 | $ 42 | $ 45,220 | $ 51,059 | $ 980 | $ 186 | $ 109,687 |
Comprehensive income | |||||||
Net income | 5,911 | 111 | 6,022 | ||||
Other comprehensive income | 1,953 | 1,953 | |||||
Stock compensation expense | 768 | 768 | |||||
Exercise of stock options, net | 227 | 227 | |||||
Issuance of common stock | $ 1 | $ 65 | $ 66 | ||||
Issuance of common stock in acquisitions, net of capitalized issuance costs of $260 | 44 | 164,991 | 165,035 | ||||
Purchase and retirement of common stock | $ (1) | $ (280) | $ (281) | ||||
Equity awards assumed in acquisition | 1,182 | 1,182 | |||||
Preferred stock dividends | (386) | (386) | |||||
Balance at Jun. 30, 2016 | $ 12,200 | $ 86 | $ 212,173 | $ 56,584 | $ 2,933 | $ 297 | $ 284,273 |
Consolidated Statement of Stoc7
Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Capitalized issuance costs | $ 260 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows From Operating Activities: | ||
Net income | $ 6,022 | $ 6,083 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization, and accretion | 3,166 | 2,220 |
Provision for loan losses | 900 | 900 |
Increase in cash surrender value of life insurance | (562) | (497) |
Stock compensation expense | 768 | 593 |
Gain on sale of assets, net | (95) | (951) |
Gain on sale of loans held for sale, net | (1,642) | (1,859) |
Proceeds from sale of loans held for sale | 89,012 | 110,426 |
Origination of loans held for sale | (88,830) | (105,255) |
Net change in: | ||
Accrued interest receivable and other assets | (392) | (441) |
Accrued interest payable and other liabilities | (2,797) | 1,028 |
Net cash provided by operating activities | 5,550 | 12,247 |
Cash Flows From Investing Activities: | ||
Net decrease in certificates of deposit in other banks | 490 | 6,217 |
Net decrease (increase) in loans | 6,811 | (707) |
Purchases of securities AFS | (35,738) | (15,460) |
Proceeds from sales of securities AFS | 15,849 | 13,883 |
Proceeds from calls and maturities of securities AFS | 14,327 | 13,863 |
Purchase of other investments | (85) | (52) |
Net increase in premises and equipment | (2,999) | (503) |
Proceeds from sales of other real estate and other assets | 314 | 2,156 |
Proceeds from redemption of BOLI | 21,549 | |
Net cash received in business combination | 66,517 | |
Net cash provided by investing activities | 87,035 | 19,397 |
Cash Flows From Financing Activities: | ||
Net increase (decrease) in deposits | 15,485 | (59,964) |
Net increase (decrease) in short-term borrowings | (37,917) | 10,000 |
Repayments of notes payable | (51,519) | (130) |
Proceeds from issuance of subordinated notes, net | 11,820 | |
Purchase and retirement of common stock | (281) | (3,794) |
Capitalized issuance costs | (260) | |
Proceeds from issuance of common stock | 66 | 54 |
Proceeds from exercise of common stock options, net | 227 | 550 |
Cash dividends paid on preferred stock | (142) | (122) |
Net cash used by financing activities | (74,341) | (41,586) |
Net increase (decrease) in cash and cash equivalents | 18,244 | (9,942) |
Cash and cash equivalents: | ||
Beginning | 83,619 | 68,708 |
Ending | 101,863 | 58,766 |
Supplemental Disclosures of Cash Flow Information: | ||
Cash paid for interest | 3,375 | 3,579 |
Cash paid for taxes | 3,150 | 2,040 |
Transfer of loans and bank premises to other real estate owned | 33 | $ 830 |
Acquisitions | ||
Fair value of assets acquired | 1,035,517 | |
Fair value of liabilities assumed | 936,621 | |
Net assets acquired | $ 98,896 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015. 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, 2015. Recent Accounting Developments Adopted The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements or results of operations. 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. |
Acquisition
Acquisition | 6 Months Ended |
Jun. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisition | Note 2 – Acquisitions On April 29, 2016, the Company consummated its merger with Baylake Corp. (“Baylake”), pursuant to the Agreement and Plan of Merger by and between the Company and Baylake dated September 8, 2015, (the “Merger Agreement”), whereby Baylake was merged with and into the Company, and Baylake Bank, Baylake’s wholly owned commercial bank subsidiary serving northeastern Wisconsin, was merged with and into Nicolet National Bank. The system integration was completed, and 21 branches of Baylake opened, on May 2, 2016, as Nicolet National Bank branches, expanding its presence into Door, Kewaunee, and Manitowoc Counties, Wisconsin. Concurrently, Nicolet closed one of its Brown County locations, bringing the Bank’s footprint to 42 branches. The purpose of the merger was for strategic reasons beneficial to the Company. The acquisition is 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. Pursuant to the terms of the Merger Agreement, 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, bringing the total purchase price to $164.2 million. 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 accounting required assets purchased and liabilities assumed to be recorded at their respective fair values at the date of acquisition. The Company determined the fair value of core deposit intangibles, securities, premises and equipment, loans, OREO, BOLI and other assets, deposits, debt and deferred taxes with the assistance of third party valuations, appraisals, and third party advisors. The estimated fair values will 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. 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 three months and six months ended June 30, 2016 and 2015, as if the acquisition had occurred January 1 of each period. The Company expects to achieve further operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts. 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. Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (in thousands, except per share data) Total revenues, net of interest expense $ 26,831 $ 26,294 $ 53,434 $ 52,685 Net income 4,343 5,704 10,214 11,400 Diluted earnings per share $ 0.46 $ 0.64 $ 1.10 $ 1.28 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 (which may require adjustment based on change in initial business purchased over a period, but not contingent upon the principal’s employment). The Company initially recorded $0.4 million of goodwill, $0.2 million of fixed assets, and $4.3 million of customer intangible (a portion amortizing straight-line over 10 years and a portion over 15 years). The transaction will impact the income statement primarily within brokerage income, personnel expense, and intangibles amortization. |
Earnings per Common Share
Earnings per Common Share | 6 Months Ended |
Jun. 30, 2016 | |
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 Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands except per share data) Net income, net of noncontrolling interest $ 3,257 $ 2,935 $ 5,911 $ 6,015 Less: preferred stock dividends 274 61 386 122 Net income available to common shareholders $ 2,983 $ 2,874 $ 5,525 $ 5,893 Weighted average common shares outstanding 7,257 4,007 5,720 4,019 Effect of dilutive stock instruments 372 359 322 319 Diluted weighted average common shares outstanding 7,629 4,366 6,042 4,338 Basic earnings per common share* $ 0.41 $ 0.72 $ 0.97 $ 1.47 Diluted earnings per common share* $ 0.39 $ 0.66 $ 0.91 $ 1.36 *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. No shares were outstanding at June 30, 2016 which were excluded from the calculation of diluted earnings per common share as anti-dilutive. Options to purchase approximately 0.2 million shares were outstanding at June 30, 2015, but were excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
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: Six months ended Year ended Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 1.61 % 1.68 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 10.75 $ 8.11 Activity in the Company’s Stock Incentive Plans is summarized in the following tables: Stock Options Weighted- Option Shares Weighted- Exercisable Balance – December 31, 2014 967,859 $ 19.30 630,121 Granted $ 8.11 162,000 26.66 Exercise of stock options* (381,505 ) 18.00 Forfeited (2,350 ) 19.61 Balance – December 31, 2015 746,004 21.56 325,979 Granted $ 10.75 35,000 35.63 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (23,052 ) 22.46 Forfeited (656 ) 19.17 Balance – June 30, 2016 848,997 $ 22.06 457,510 *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. Options outstanding at June 30, 2016 are exercisable at option prices ranging from $9.19 to $38.10. There are 329,163 options outstanding in the range from $9.19 - $20.00, 268,397 in the range from $20.01 - $25.00, 172,332 in the range from $25.01 - $30.00, and 79,105 options outstanding in the range from $30.01 - $38.10. At June 30, 2016, the exercisable options have a weighted average remaining contractual life of approximately 5 years and a weighted average exercise price of $19.66. 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 six months of 2016, and full year of 2015 was approximately $0.3 million, and $5.2 million, respectively. Restricted Stock Weighted- Restricted Balance – December 31, 2014 $ 18.62 66,231 Granted - - Vested* 19.26 (29,261 ) Forfeited 16.50 (280 ) Balance – December 31, 2015 18.70 36,690 Granted 31.33 25,202 Vested * 20.01 (12,077 ) Forfeited - - Balance – June 30, 2016 $ 24.77 49,815 *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 3,653 shares were surrendered during the six months ended June 30, 2016 and 7,715 shares were surrendered during the twelve months ended December 31, 2015. The Company recognized approximately $0.8 million and $0.6 million of stock-based employee compensation expense during the six months ended June 30, 2016 and 2015, respectively, associated with its stock equity awards. As of June 30, 2016, there was approximately $3.5 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 three years. |
Securities Available for Sale
Securities Available for Sale | 6 Months Ended |
Jun. 30, 2016 | |
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: June 30, 2016 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 2,473 $ 27 $ - $ 2,500 State, county and municipals 184,704 2,266 37 186,933 Mortgage-backed securities 166,315 2,023 73 168,265 Corporate debt securities 10,457 135 - 10,592 Equity securities 2,631 479 13 3,097 $ 366,580 $ 4,930 $ 123 $ 371,387 December 31, 2015 (in thousands) Amortized Cost Gross Gross Fair Values U.S. government sponsored enterprises $ 287 $ 7 $ - $ 294 State, county and municipals 104,768 497 244 105,021 Mortgage-backed securities 61,600 418 554 61,464 Corporate debt securities 1,140 - - 1,140 Equity securities 3,196 1,504 23 4,677 $ 170,991 $ 2,426 $ 821 $ 172,596 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 June 30, 2016 and December 31, 2015. June 30, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized State, county and municipals $ 10,539 $ 12 $ 6,133 $ 25 $ 16,672 $ 37 Mortgage-backed securities 10,288 17 4,254 56 14,542 73 Equity securities 195 13 - - 195 13 $ 21,022 $ 42 $ 10,387 $ 81 $ 31,409 $ 123 December 31, 2015 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized State, county and municipals $ 34,283 $ 112 $ 12,702 $ 132 $ 46,985 $ 244 Mortgage-backed securities 22,228 167 13,750 387 35,978 554 Equity securities 408 23 - - 408 23 $ 56,919 $ 302 $ 26,452 $ 519 $ 83,371 $ 821 At June 30, 2016 the Company had $0.1 million of gross unrealized losses related to 64 securities. As of June 30, 2016, 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, market spreads and market conditions subsequent to purchase. 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 six-month periods ending June 30, 2016 or June 30, 2015. The amortized cost and fair values of securities available for sale at June 30, 2016 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 . June 30, 2016 (in thousands) Amortized Cost Fair Value Due in less than one year $ 12,859 $ 12,878 Due in one year through five years 90,720 91,586 Due after five years through ten years 85,057 86,341 Due after ten years 8,998 9,220 197,634 200,025 Mortgage-backed securities 166,315 168,265 Equity securities 2,631 3,097 Securities available for sale $ 366,580 $ 371,387 Proceeds from sales of securities available for sale during the first six months of 2016 and 2015 were approximately $15.8 million and $13.9 million, respectively. Gains of approximately $50,000 and $0.6 million were realized during the first six months of 2016 and 2015, respectively. Losses of approximately $10,000 were realized on sales of securities during the first six months of 2016. No losses were realized on sales of securities during the first six months of 2015. |
Loans, Allowance for Loan Losse
Loans, Allowance for Loan Losses, and Credit Quality | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 and December 31, 2015 is summarized as follows. Total June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 427,093 27.4 % $ 294,419 33.6 % Owner-occupied commercial real estate (“CRE”) 359,401 23.0 185,285 21.1 Agricultural (“AG”) production 32,646 2.1 15,018 1.7 AG real estate 53,005 3.4 43,272 4.9 CRE investment 199,585 12.8 78,711 9.0 Construction & land development 68,957 4.4 36,775 4.2 Residential construction 20,434 1.3 10,443 1.2 Residential first mortgage 287,722 18.4 154,658 17.6 Residential junior mortgage 97,509 6.3 51,967 5.9 Retail & other 14,205 0.9 6,513 0.8 Loans 1,560,557 100.0 % 877,061 100.0 % Less allowance for loan losses 10,947 10,307 Loans, net $ 1,549,610 $ 866,754 Allowance for loan losses to loans 0.70 % 1.18 % Originated June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 305,517 38.1 % $ 284,023 38.4 % Owner-occupied CRE 163,046 20.3 153,563 20.7 AG production 7,102 0.9 6,849 0.9 AG real estate 26,063 3.3 25,464 3.4 CRE investment 65,153 8.1 58,949 8.0 Construction & land development 33,000 4.1 27,231 3.7 Residential construction 14,391 1.8 10,443 1.4 Residential first mortgage 132,422 16.5 122,373 16.5 Residential junior mortgage 46,230 5.8 44,889 6.1 Retail & other 8,496 1.1 6,351 0.9 Loans 801,420 100.0 % 740,135 100.0 % Less allowance for loan losses 9,337 8,714 Loans, net $ 792,083 $ 731,421 Allowance for loan losses to loans 1.17 % 1.18 % Acquired June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 121,576 16.0 % $ 10,396 7.6 % Owner-occupied CRE 196,355 25.9 31,722 23.2 AG production 25,544 3.4 8,169 6.0 AG real estate 26,942 3.5 17,808 13.0 CRE investment 134,432 17.7 19,762 14.4 Construction & land development 35,957 4.8 9,544 7.0 Residential construction 6,043 0.8 - - Residential first mortgage 155,300 20.5 32,285 23.5 Residential junior mortgage 51,279 6.7 7,078 5.2 Retail & other 5,709 0.7 162 0.1 Loans 759,137 100.0 % 136,926 100.0 % Less allowance for loan losses 1,610 1,593 Loans, net $ 757,527 $ 135,333 Allowance for loan losses to loans 0.21 % 1.16 % 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 six months ended June 30, 2016: TOTAL – Six Months Ended June 30, 2016 (in 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 345 491 12 40 170 (385 ) 72 85 11 59 900 Charge-offs (262 ) - - - - - - - (12 ) (24 ) (298 ) Recoveries 17 2 - - 8 - - 3 6 2 38 Net charge-offs (245 ) 2 - - 8 - - 3 (6 ) (22 ) (260 ) Ending balance $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 As percent of ALLL 34.9 % 22.2 % 0.9 % 3.8 % 8.8 % 9.7 % 2.0 % 12.1 % 4.6 % 1.0 % 100.0 % ALLL: Individually evaluated $ - $ 119 $ - $ - $ - $ - $ - $ - $ - $ - $ 119 Collectively evaluated 3,821 2,307 97 420 963 1,061 219 1,328 501 111 10,828 Ending balance $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 Loans: Individually evaluated $ 1,407 $ 3,836 $ 64 $ 252 $ 14,595 $ 1,074 $ 313 $ 2,482 $ 185 $ - $ 24,208 Collectively evaluated 425,686 355,565 32,582 52,753 184,990 67,883 20,121 285,240 97,324 14,205 1,536,349 Total loans $ 427,093 $ 359,401 $ 32,646 $ 53,005 $ 199,585 $ 68,957 $ 20,434 $ 287,722 $ 97,509 $ 14,205 $ 1,560,557 Less ALLL $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 Net loans $ 423,272 $ 356,975 $ 32,549 $ 52,585 $ 198,622 $ 67,896 $ 20,215 $ 286,394 $ 97,008 $ 14,094 $ 1,549,610 Originated – Six Months Ended June 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 361 481 12 46 166 (393 ) 50 104 20 58 905 Charge-offs (262 ) - - - - - - - (12 ) (24 ) (298 ) Recoveries - 2 - - 8 - - - 5 1 16 Net charge-offs (262 ) 2 - - 8 - - - (7 ) (23 ) (282 ) Ending balance $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 As percent of ALLL 34.6 % 22.0 % 0.9 % 3.7 % 8.8 % 10.6 % 2.1 % 11.7 % 4.6 % 1.0 % 100.0 % ALLL: Individually evaluated $ - $ 119 $ - $ - $ - $ - $ - $ - $ - $ - $ 119 Collectively evaluated 3,234 1,931 83 345 820 988 197 1,091 431 98 9,218 Ending balance $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 Loans: Individually evaluated $ 440 $ 623 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,063 Collectively evaluated 305,077 162,423 7,102 26,063 65,153 33,000 14,391 132,422 46,230 8,496 800,357 Total loans $ 305,517 $ 163,046 $ 7,102 $ 26,063 $ 65,153 $ 33,000 $ 14,391 $ 132,422 $ 46,230 $ 8,496 $ 801,420 Less ALLL $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 Net loans $ 302,283 $ 160,996 $ 7,019 $ 25,718 $ 64,333 $ 32,012 $ 14,194 $ 131,331 $ 45,799 $ 8,398 $ 792,083 Acquired – Six Months Ended June 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 (16 ) 10 - (6 ) 4 8 22 (19 ) (9 ) 1 (5 ) Charge-offs - - - - - - - - - - - Recoveries 17 - - - - - - 3 1 1 22 Net charge-offs 17 - - - - - - 3 1 1 22 Ending balance $ 587 $ 376 $ 14 $ 75 $ 143 $ 73 $ 22 $ 237 $ 70 $ 13 $ 1,610 As percent of ALLL 36.5 % 23.4 % 0.9 % 4.7 % 8.9 % 4.5 % 1.4 % 14.7 % 4.3 % 0.7 % 100.0 % Loans: Individually evaluated $ 967 $ 3,213 $ 64 $ 252 $ 14,595 $ 1,074 $ 313 $ 2,482 $ 185 $ - $ 23,145 Collectively evaluated 120,609 193,142 25,480 26,690 119,837 34,883 5,730 152,818 51,094 5,709 735,992 Total loans $ 121,576 $ 196,355 $ 25,544 $ 26,942 $ 134,432 $ 35,957 $ 6,043 $ 155,300 $ 51,279 $ 5,709 $ 759,137 Less ALLL $ 587 $ 376 $ 14 $ 75 $ 143 $ 73 $ 22 $ 237 $ 70 $ 13 $ 1,610 Net loans $ 120,989 $ 195,979 $ 25,530 $ 26,867 $ 134,289 $ 35,884 $ 6,021 $ 155,063 $ 51,209 $ 5,696 $ 757,527 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 six months ended June 30, 2015. TOTAL – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 646 453 3 66 151 (639 ) (16 ) 151 74 11 900 Charge-offs (288 ) (154 ) - - - - - (32 ) (13 ) (22 ) (509 ) Recoveries 4 2 - - 9 - - 17 1 11 44 Net charge-offs (284 ) (152 ) - - 9 - - (15 ) (12 ) (11 ) (465 ) Ending balance $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 As percent of ALLL 36.5 % 15.7 % 0.6 % 3.0 % 6.9 % 21.0 % 1.4 % 10.3 % 4.1 % 0.5 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ 287 $ - $ - $ - $ - $ 287 Collectively evaluated 3,553 1,531 56 292 671 1,759 124 1,002 399 49 9,436 Ending balance $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 Loans: Individually evaluated $ 48 $ 697 $ 38 $ 403 $ 1,050 $ 4,361 $ - $ 723 $ 148 $ - $ 7,468 Collectively evaluated 309,055 175,112 14,394 40,380 81,436 34,026 10,321 153,134 52,285 5,691 875,834 Total loans $ 309,103 $ 175,809 $ 14,432 $ 40,783 $ 82,486 $ 38,387 $ 10,321 $ 153,857 $ 52,433 $ 5,691 $ 883,302 Less ALLL $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 Net loans $ 305,550 $ 174,278 $ 14,376 $ 40,491 $ 81,815 $ 36,341 $ 10,197 $ 152,855 $ 52,034 $ 5,642 $ 873,579 Originated – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision (41 ) 57 (9 ) (19 ) (10 ) (711 ) (16 ) (121 ) (19 ) 1 (888 ) Charge-offs (288 ) (154 ) - - - - - (32 ) - (22 ) (496 ) Recoveries 4 2 - - 9 - - 15 - 11 41 Net charge-offs (284 ) (152 ) - - 9 - - (17 ) - (11 ) (455 ) Ending balance $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 As percent of ALLL 36.1 % 14.3 % 0.6 % 2.6 % 6.4 % 24.8 % 1.6 % 9.2 % 4.0 % 0.4 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ 287 $ - $ - $ - $ - $ 287 Collectively evaluated 2,866 1,135 44 207 510 1,687 124 728 318 39 7,658 Ending balance $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 Loans: Individually evaluated $ 47 $ - $ - $ - $ - $ 3,652 $ - $ - $ - $ - $ 3,699 Collectively evaluated 292,488 138,081 5,287 20,467 56,211 25,010 10,321 116,872 44,629 5,344 714,710 Total loans $ 292,535 $ 138,081 $ 5,287 $ 20,467 $ 56,211 $ 28,662 $ 10,321 $ 116,872 $ 44,629 $ 5,344 $ 718,409 Less ALLL $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 Net loans $ 289,669 $ 136,946 $ 5,243 $ 20,260 $ 55,701 $ 26,688 $ 10,197 $ 116,144 $ 44,311 $ 5,305 $ 710,464 Acquired – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Provision 687 396 12 85 161 72 - 272 93 10 1,788 Charge-offs - - - - - - - - (13 ) - (13 ) Recoveries - - - - - - - 2 1 - 3 Net charge-offs - - - - - - - 2 (12 ) - (10 ) Ending balance $ 687 $ 396 $ 12 $ 85 $ 161 $ 72 $ - $ 274 $ 81 $ 10 $ 1,778 As percent of ALLL 38.6 % 22.3 % 0.7 % 4.8 % 9.1 % 4.0 % - % 15.4 % 4.6 % 0.5 % 100.0 % Loans: Individually evaluated $ 1 $ 697 $ 38 $ 403 $ 1,050 $ 709 $ - $ 723 $ 148 $ - $ 3,769 Collectively evaluated 16,567 37,031 9,107 19,913 25,225 9,016 - 36,262 7,656 347 161,124 Total loans $ 16,568 $ 37,728 $ 9,145 $ 20,316 $ 26,275 $ 9,725 $ - $ 36,985 $ 7,804 $ 347 $ 164,893 Less ALLL $ 687 $ 396 $ 12 $ 85 $ 161 $ 72 $ - $ 274 $ 81 $ 10 $ 1,778 Net loans $ 15,881 $ 37,332 $ 9,133 $ 20,231 $ 26,114 $ 9,653 $ - $ 36,711 $ 7,723 $ 337 $ 163,115 The following table presents nonaccrual loans by portfolio segment in total and then as a further breakdown by originated or acquired as of June 30, 2016 and December 31, 2015. Total Nonaccrual Loans (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 1,419 5.8 % $ 204 5.8 % Owner-occupied CRE 3,906 16.1 951 26.9 AG production 35 0.1 13 0.4 AG real estate 219 0.9 230 6.5 CRE investment 14,343 59.1 1,040 29.4 Construction & land development 1,074 4.4 280 7.9 Residential construction 313 1.3 - - Residential first mortgage 2,755 11.3 674 19.1 Residential junior mortgage 218 1.0 141 4.0 Retail & other - - - - Nonaccrual loans - Total $ 24,282 100.0 % $ 3,533 100.0 % Originated (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 447 33.1 % $ 49 8.4 % Owner-occupied CRE 666 49.3 - - AG production 10 0.7 13 2.2 AG real estate - - - - CRE investment - - 387 66.7 Construction & land development - - - - Residential construction - - - - Residential first mortgage 228 16.9 132 22.7 Residential junior mortgage - - - - Retail & other - - - - Nonaccrual loans - Originated $ 1,351 100.0 % $ 581 100.0 % Acquired (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 972 4.2 % $ 155 5.3 % Owner-occupied CRE 3,240 14.1 951 32.1 AG production 25 0.1 - - AG real estate 219 1.0 230 7.8 CRE investment 14,343 62.5 653 22.1 Construction & land development 1,074 4.7 280 9.5 Residential construction 313 1.4 - - Residential first mortgage 2,527 11.0 542 18.4 Residential junior mortgage 218 1.0 141 4.8 Retail & other - - - - Nonaccrual loans – Acquired $ 22,931 100.0 % $ 2,952 100.0 % The following tables present total past due loans by portfolio segment as of June 30, 2016 and December 31, 2015: June 30, 2016 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 31 $ 1,419 $ 425,643 $ 427,093 Owner-occupied CRE 117 3,906 355,378 359,401 AG production - 35 32,611 32,646 AG real estate - 219 52,786 53,005 CRE investment - 14,343 185,242 199,585 Construction & land development - 1,074 67,883 68,957 Residential construction - 313 20,121 20,434 Residential first mortgage 350 2,755 284,617 287,722 Residential junior mortgage 32 218 97,259 97,509 Retail & other 14 - 14,191 14,205 Total loans $ 544 $ 24,282 $ 1,535,731 $ 1,560,557 As a percent of total loans 0.1 % 1.6 % 98.3 % 100.0 % December 31, 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 50 $ 204 $ 294,165 $ 294,419 Owner-occupied CRE - 951 184,334 185,285 AG production 16 13 14,989 15,018 AG real estate - 230 43,042 43,272 CRE investment - 1,040 77,671 78,711 Construction & land development - 280 36,495 36,775 Residential construction - - 10,443 10,443 Residential first mortgage 150 674 153,834 154,658 Residential junior mortgage 10 141 51,816 51,967 Retail & other 12 - 6,501 6,513 Total loans $ 238 $ 3,533 $ 873,290 $ 877,061 As a percent of total loans 0.1 % 0.4 % 99.5 % 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 June 30, 2016 and December 31, 2015: June 30, 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 392,681 $ 23,015 $ 4,364 $ 7,033 $ - $ - $ 427,093 Owner-occupied CRE 333,610 18,598 599 6,594 - - 359,401 AG production 31,311 699 76 560 - - 32,646 AG real estate 51,650 472 - 883 - - 53,005 CRE investment 178,399 4,306 1,364 15,516 - - 199,585 Construction & land development 63,009 4,661 - 1,287 - - 68,957 Residential construction 19,681 440 - 313 - - 20,434 Residential first mortgage 281,875 1,791 196 3,860 - - 287,722 Residential junior mortgage 97,156 - 93 260 - - 97,509 Retail & other 14,205 - - - - - 14,205 Total loans $ 1,463,577 $ 53,982 $ 6,692 $ 36,306 $ - $ - $ 1,560,557 Percent of total 93.8 % 3.5 % 0.4 % 2.3 % - - 100.0 % December 31, 2015 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 278,118 $ 9,267 $ 2,490 $ 4,544 $ - $ - $ 294,419 Owner-occupied CRE 176,371 5,072 253 3,589 - - 185,285 AG production 13,238 1,765 - 15 - - 15,018 AG real estate 39,958 2,600 - 714 - - 43,272 CRE investment 74,778 2,020 - 1,913 - - 78,711 Construction & land development 31,897 4,598 - 280 - - 36,775 Residential construction 9,792 651 - - - - 10,443 Residential first mortgage 151,835 860 457 1,506 - - 154,658 Residential junior mortgage 51,736 68 - 163 - - 51,967 Retail & other 6,513 - - - - - 6,513 Total loans $ 834,236 $ 26,901 $ 3,200 $ 12,724 $ - $ - $ 877,061 Percent of total 95.0 % 3.1 % 0.4 % 1.5 % - - 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, 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 as of June 30, 2016 and December 31, 2015. As a further breakdown, impaired loans are also summarized by originated and acquired for the periods presented. In April 2016, the Baylake merger added purchased credit impaired loans at a fair value of $20.8 million, net of an initial $12.9 million non-accretable mark. Including these credit impaired loans acquired in the Baylake merger, total purchased credit impaired loans acquired in aggregate were initially recorded at a fair value of $37.5 million on their respective acquisition dates, net of an initial $25.1 million non-accretable mark and a zero accretable mark. At June 30, 2016, $21.8 million of the $37.5 million remain in impaired loans and $1.3 million of acquired loans have subsequently become impaired, bringing acquired impaired loans to $23.1 million. Total Impaired Loans – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 1,407 $ 2,713 $ - $ 1,406 $ 88 Owner-occupied CRE* 3,836 6,014 119 3,654 181 AG production 64 201 - 64 8 AG real estate 252 345 - 248 13 CRE investment 14,595 23,148 - 14,635 597 Construction & land development 1,074 3,035 - 1,077 57 Residential construction 313 1,400 - 313 39 Residential first mortgage 2,482 4,329 - 2,495 119 Residential junior mortgage 185 708 - 188 28 Retail & Other - 42 - - 3 Total $ 24,208 $ 41,935 $ 119 $ 24,080 $ 1,133 As a further Originated – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 440 $ 440 $ - $ 437 $ 25 Owner-occupied CRE* 623 623 119 415 6 AG production - - - - - AG real estate - - - - - CRE investment - - - - - Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 1,063 $ 1,063 $ 119 $ 852 $ 31 Acquired – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 967 $ 2,273 $ - $ 969 $ 63 Owner-occupied CRE* 3,213 5,391 - 3,239 175 AG production 64 201 - 64 8 AG real estate 252 345 - 248 13 CRE investment 14,595 23,148 - 14,635 597 Construction & land development 1,074 3,035 - 1,077 57 Residential construction 313 1,400 - 313 39 Residential first mortgage 2,482 4,329 - 2,495 119 Residential junior mortgage 185 708 - 188 28 Retail & other - 42 - - 3 Total $ 23,145 $ 40,872 $ - $ 23,228 $ 1,102 *One owner-occupied CRE loan with a balance of $0.6 million had a specific reserve of $119,000. No other loans had a related allowance at June 30, 2016 and, therefore, the above disclosure was not expanded to include loans with and without a related allowance. Total Impaired Loans – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 142 $ 142 $ - $ 144 $ 10 Owner-occupied CRE 950 1,688 - 1,111 135 AG production 39 53 - 38 4 AG real estate 252 348 - 260 27 CRE investment 1,301 3,109 - 1,432 175 Construction & land development 280 822 - 301 18 Residential construction - - - - - Residential first mortgage 460 1,150 - 515 79 Residential junior mortgage 142 471 - 147 26 Retail & Other - 12 - - 1 Total $ 3,566 $ 7,795 $ - $ 3,948 $ 475 As a further Originated – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ - $ - $ - $ - $ - Owner-occupied CRE - - - - - AG production - - - - - AG real estate - - - - - CRE investment 387 387 - 387 29 Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 387 $ 387 $ - $ 387 $ 29 Acquired – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 142 $ 142 $ - $ 144 $ 10 Owner-occupied CRE 950 1,688 - 1,111 135 AG production 39 53 - 38 4 AG real estate 252 348 - 260 27 CRE investment 914 2,722 - 1,045 146 Construction & land development 280 822 - 301 18 Residential construction - - - - - Residential first mortgage 460 1,150 - 515 79 Residential junior mortgage 142 471 - 147 26 Retail & other - 12 - - 1 Total $ 3,179 $ 7,408 $ - $ 3,561 $ 446 Troubled Debt Restructurings At June 30, 2016, there were eight loans classified as troubled debt restructurings totaling $563,000. These eight loans had a combined premodification balance of $703,000 and a combined outstanding balance of $563,000 at June 30, 2016. There were no other loans which were modified and classified as troubled debt restructurings at June 30, 2016. There were no loans classified as troubled debt restructurings during the previous twelve months that subsequently defaulted as of June 30, 2016. Loans which were considered troubled debt restructurings by Baylake prior to the acquisition are not required to be classified as troubled debt restructurings in the Company’s consolidated financial statements unless and until such loans would 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 | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 – Goodwill and Intangible Assets The excess of the purchase price in an acquisition over the fair value of net assets acquired consists primarily of goodwill, core deposit intangibles and other identifiable intangibles (primarily related to customer relationships acquired). Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis. Core deposit intangibles, which arise from value ascribed to the deposit base of a bank acquired, have estimated finite lives and are amortized on an accelerated basis to expense over a 10-year period. The other intangibles, which represent value ascribed to financial advisor books of business purchased in 2016 in a private transaction, have estimated finite lives and are amortized on a straight-line basis to expense over their weighted average life (of approximately 12 years for 2016). 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 core deposit intangible was required for 2015 or the first six months of 2016. Goodwill Other intangible assets (in thousands) June 30, 2016 December 31, 2015 Core deposit intangibles: Gross carrying amount $ 25,345 $ 8,086 Accumulated amortization (6,104 ) (5,055 ) Net book value $ 19,241 $ 3,031 Additions during the period $ 17,259 $ - Other intangibles: Gross carrying amount $ 4,363 $ - Accumulated amortization (76 ) - Net book value $ 4,287 $ - Additions during the period $ 4,363 $ - Mortgage servicing rights (in thousands) June 30, 2016 December 31, 2015 Mortgage servicing rights (MSR) asset: MSR asset at beginning of year $ 193 $ - Additions during the period* 1,075 201 Amortization during the period (46 ) (8 ) Valuation allowance at end of period - - Net book value at end of period $ 1,222 $ 193 *Purchased MSR asset included in period $ 885 - Fair value of MSR asset at end of period $ 1,360 $ 249 Residential mortgage loans serviced for others $ 213,782 $ 34,940 The Company periodically evaluates its mortgage servicing rights asset for impairment. At each reporting date, impairment is assessed based on 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). A valuation allowance is established through a charge to earnings (which would be included in mortgage income, net, in the consolidated income statements) to the extent the amortized cost of the mortgage servicing rights exceeds the estimated fair value by stratification. If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings, though not beyond the net amortized cost carried. An other-than-temporary impairment (i.e. recoverability is considered remote when considering interest rates and loan payoff activity) is recognized as a write-down of the MSR asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSR asset and valuation allowance, precluding subsequent recoveries. 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 June 30, 2016. 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 Other intangibles MSR asset Year ending December 31, 2016 (remaining six months) $ 2,140 $ 193 $ 105 2017 3,805 385 209 2018 3,254 385 209 2019 2,762 385 209 2020 2,156 385 159 Thereafter 5,124 2,554 331 Total $ 19,241 $ 4,287 $ 1,222 |
Notes Payable
Notes Payable | 6 Months Ended |
Jun. 30, 2016 | |
Notes Payable [Abstract] | |
Notes Payable | Note 8- Notes Payable The Company had the following long-term notes payable: (in thousands) June 30, 2016 December 31, 2015 Joint venture note $ - $ 9,412 Federal Home Loan Bank (“FHLB”) advances 6,000 6,000 Notes payable $ 6,000 $ 15,412 At the completion of the construction of the Company’s headquarters building in 2005 and as part of a joint venture investment related to the building, the Company and the other joint venture partners guaranteed a joint venture note to finance certain costs of the building. The joint venture note was secured by the building, bore a fixed rate of 5.81% and required monthly principal and interest payments until its maturity on June 1, 2016. In April of 2016, this note was refinanced with Nicolet National Bank and is therefore eliminated through the consolidation process. The FHLB advances bear fixed rates, require interest-only monthly payments, and have maturities ranging from August 2016 to February 2018. The weighted average rates of FHLB advances was 0.83% at both June 30, 2016 and December 31, 2015. The FHLB advances are collateralized by a blanket lien on qualifying first mortgages, home equity loans, multi-family loans and certain farmland loans which totaled approximately $146.2 million and $154.3 million at June 30, 2016 and December 31, 2015, respectively. The following table shows the maturity schedule of the notes payable as of June 30, 2016: Maturing in (in thousands) 2016 $ 5,000 2017 - 2018 1,000 $ 6,000 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 June 30, 2016, 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 June 30, 2016 and December 31, 2015, and the line was not used during 2016 or 2015. |
Junior Subordinated Debentures
Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2016 | |
Subordinated Borrowings [Abstract] | |
Junior Subordinated Debentures | Note 9 – Junior Subordinated Debentures The Company’s carrying value of junior subordinated debentures was $24.5 million at June 30, 2016 and $12.5 million at December 31, 2015. In July 2004 Nicolet Bankshares Statutory Trust I (the “Statutory Trust”), issued $6.0 million of guaranteed preferred beneficial interests (“trust preferred securities”) that qualify as Tier I capital under Federal Reserve Board guidelines. All of the common securities of the Statutory Trust are owned by the Company. The proceeds from the issuance of the common securities and the trust preferred securities were used by the Statutory Trust to purchase $6.2 million of junior subordinated debentures of the Company, which pay an 8% fixed rate. Interest on these debentures is current. The debentures may be redeemed in part or in full, on or after July 15, 2009 at par plus any accrued but unpaid interest. The maturity date of the debenture, if not redeemed, is July 15, 2034. As part of the 2013 acquisition of Mid-Wisconsin Financial Services, Inc., the Company assumed $10.3 million of junior subordinated debentures related to $10.0 million of issued trust preferred securities. The trust preferred securities and the debentures mature on December 15, 2035 and have a floating rate of the three-month LIBOR plus 1.43% adjusted quarterly. Interest on these debentures is current. The debentures may be called at par in part or in full, on or after December 15, 2010 or within 120 days of certain events. At acquisition in April 2013 the debentures were recorded at a fair value of $5.8 million, with the discount being accreted to interest expense over the remaining life of the debentures. At June 30, 2016, the carrying value of these junior debentures was $6.4 million, and the $6.1 million carrying value of related trust preferred securities qualifies as Tier 1 capital. As part of the 2016 acquisition of Baylake,, the Company assumed $16.6 million of junior subordinated debentures related to $16.1 million of issued trust preferred securities. The trust preferred securities and the debentures mature on June 30, 2036 and have a floating rate of three-month LIBOR plus 1.35% adjusted quarterly. Interest on these debentures is current. The debentures may be redeemed on any interest payment date at par in part or in full, on or after June 30, 2011. At acquisition in April 2016 the debentures were recorded at fair value of $11.8 million, with the discount being accreted to interest expense over the remaining life of the debentures. At June 30, 2016, the carrying value of these junior debentures was $11.9 million, and the $11.4 million carrying value of related trust preferred securities qualifies as Tier 1 capital. |
Subordinated Notes
Subordinated Notes | 6 Months Ended |
Jun. 30, 2016 | |
Subordinated Notes [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. The $0.2 million 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 June 30, 2016 and December 31, 2015, respectively, the $0.1 million and $0.2 million, of unamortized debt issuance costs remain and are reflected as a deduction to the carrying value of the outstanding Notes. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 11 – Fair Value Measurements 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. Fair value (i.e. the price that would be received in an orderly transaction that is not a forced liquidation or distressed sale at the measurement date), among other things, is based on exit price versus entry price, should include assumptions about risk such as nonperformance risk in liability fair values, and is a market-based measurement versus an entity-specific measurement. The following table presents the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. One security classified as Level 3 was purchased for $0.6 million during the first quarter of 2016. The remaining additions to the Level 3 category were two corporate debt securities totaling $5.2 million acquired in the April 2016 Baylake merger and carried at their then-estimated fair value. 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 $ 2,500 $ - $ 2,500 $ - State, county and municipals 186,933 - 186,407 526 Mortgage-backed securities 168,265 - 168,182 83 Corporate debt securities 10,592 - 3,726 6,866 Equity securities 3,097 3,097 - - Securities AFS, June 30, 2016 $ 371,387 $ 3,097 $ 360,815 $ 7,475 (in thousands) U.S. government sponsored enterprises $ 294 $ - $ 294 $ - State, county and municipals 105,021 - 104,495 526 Mortgage-backed securities 61,464 - 61,464 - Corporate debt securities 1,140 - - 1,140 Equity securities 4,677 4,677 - - Securities AFS, December 31, 2015 $ 172,596 $ 4,677 $ 166,253 $ 1,666 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 June 30, 2016 and December 31, 2015, it was determined that carrying value was the best approximation of fair value for these Level 3 securities, based primarily on the internal analysis on these securities. 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. The additions to the Level 3 category were predominantly due to the April 2016 Baylake merger. Measured at Fair Value on a Nonrecurring Basis Fair Value Measurements Using (in thousands) Total Level 1 Level 2 Level 3 June 30, 2016: Impaired loans $ 24,089 $ - $ - $ 24,089 OREO 3,017 - - 3,017 December 31, 2015: Impaired loans $ 3,566 $ - $ - $ 3,566 OREO 367 - - 367 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. The carrying amounts and estimated fair values of the Company’s financial instruments at June 30, 2016 and December 31, 2015 are shown below. June 30, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 101,863 $ 101,863 $ 101,863 $ - $ - Certificates of deposit in other banks 4,926 4,702 - 4,702 - Securities AFS 371,387 371,387 3,097 360,815 7,475 Other investments 14,637 14,637 - 2,218 12,419 Loans held for sale 6,890 6,993 - 6,993 - Loans, net 1,549,610 1,558,560 - - 1,558,560 BOLI 33,412 33,412 33,412 - - MSR asset 1,222 1,360 - - 1,360 Financial liabilities: Deposits $ 1,894,235 $ 1,896,084 $ - $ - $ 1,896,084 Short-term borrowings 11,170 11,170 - - 11,170 Notes payable 6,000 6,010 - 6,010 - Junior subordinated debentures 24,514 23,882 - - 23,882 Subordinated notes 11,867 11,423 - - 11,423 December 31, 2015 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 83,619 $ 83,619 $ 83,619 $ - $ - Certificates of deposit in other banks 3,416 3,416 - 3,416 - Securities AFS 172,596 172,596 4,677 166,253 1,666 Other investments 8,135 8,135 - 5,995 2,140 Loans held for sale 4,680 4,755 - 4,755 - Loans, net 866,754 865,027 - - 865,027 BOLI 28,475 28,475 28,475 - - Financial liabilities: Deposits $ 1,056,417 $ 1,057,614 $ - $ - $ 1,057,614 Notes payable 15,412 18,354 - 18,354 - Junior subordinated debentures 12,527 11,900 - - 11,900 Subordinated notes 11,849 11,414 - - 11,414 Not all the financial instruments listed in the table above are subject to the disclosure provisions of Accounting Standards Codification (“ASC”) 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, other investments, bank owned life insurance, short-term borrowings, and nonmaturing deposits. For those financial instruments not previously disclosed the following is a description of the evaluation methodologies used. 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) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015. |
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, 2015. |
Recent Accounting Developments Adopted | Recent Accounting Developments Adopted The Company has implemented all new accounting pronouncements that are in effect and that may impact its consolidated financial statements or results of operations. |
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. |
Acquisition (Tables)
Acquisition (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 | Three Months Ended Six Months Ended June 30, 2016 June 30, 2015 June 30, 2016 June 30, 2015 (in thousands, except per share data) Total revenues, net of interest expense $ 26,831 $ 26,294 $ 53,434 $ 52,685 Net income 4,343 5,704 10,214 11,400 Diluted earnings per share $ 0.46 $ 0.64 $ 1.10 $ 1.28 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings (loss) per common share | Three Months Ended Six Months Ended June 30, June 30, 2016 2015 2016 2015 (In thousands except per share data) Net income, net of noncontrolling interest $ 3,257 $ 2,935 $ 5,911 $ 6,015 Less: preferred stock dividends 274 61 386 122 Net income available to common shareholders $ 2,983 $ 2,874 $ 5,525 $ 5,893 Weighted average common shares outstanding 7,257 4,007 5,720 4,019 Effect of dilutive stock instruments 372 359 322 319 Diluted weighted average common shares outstanding 7,629 4,366 6,042 4,338 Basic earnings per common share* $ 0.41 $ 0.72 $ 0.97 $ 1.47 Diluted earnings per common share* $ 0.39 $ 0.66 $ 0.91 $ 1.36 *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) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of weighted average assumption for stock option | Six months ended Year ended Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 1.61 % 1.68 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 10.75 $ 8.11 |
Schedule of stock incentive plans for options | Stock Options Weighted- Option Shares Weighted- Exercisable Balance – December 31, 2014 967,859 $ 19.30 630,121 Granted $ 8.11 162,000 26.66 Exercise of stock options* (381,505 ) 18.00 Forfeited (2,350 ) 19.61 Balance – December 31, 2015 746,004 21.56 325,979 Granted $ 10.75 35,000 35.63 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (23,052 ) 22.46 Forfeited (656 ) 19.17 Balance – June 30, 2016 848,997 $ 22.06 457,510 *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. |
Schedule of restricted stock awards | Restricted Stock Weighted- Restricted Balance – December 31, 2014 $ 18.62 66,231 Granted - - Vested* 19.26 (29,261 ) Forfeited 16.50 (280 ) Balance – December 31, 2015 18.70 36,690 Granted 31.33 25,202 Vested * 20.01 (12,077 ) Forfeited - - Balance – June 30, 2016 $ 24.77 49,815 *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 3,653 shares were surrendered during the six months ended June 30, 2016 and 7,715 shares were surrendered during the twelve months ended December 31, 2015. |
Securities Available for Sale (
Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Available-for-sale Securities [Abstract] | |
Schedule of amortized costs and fair values of securities AFS | June 30, 2016 (in thousands) Amortized Cost Gross Gross Fair Value U.S. government sponsored enterprises $ 2,473 $ 27 $ - $ 2,500 State, county and municipals 184,704 2,266 37 186,933 Mortgage-backed securities 166,315 2,023 73 168,265 Corporate debt securities 10,457 135 - 10,592 Equity securities 2,631 479 13 3,097 $ 366,580 $ 4,930 $ 123 $ 371,387 December 31, 2015 (in thousands) Amortized Cost Gross Gross Fair Values U.S. government sponsored enterprises $ 287 $ 7 $ - $ 294 State, county and municipals 104,768 497 244 105,021 Mortgage-backed securities 61,600 418 554 61,464 Corporate debt securities 1,140 - - 1,140 Equity securities 3,196 1,504 23 4,677 $ 170,991 $ 2,426 $ 821 $ 172,596 |
Schedule of unrealized losses and fair value | June 30, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Unrealized Fair Unrealized Fair Unrealized State, county and municipals $ 10,539 $ 12 $ 6,133 $ 25 $ 16,672 $ 37 Mortgage-backed securities 10,288 17 4,254 56 14,542 73 Equity securities 195 13 - - 195 13 $ 21,022 $ 42 $ 10,387 $ 81 $ 31,409 $ 123 December 31, 2015 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized State, county and municipals $ 34,283 $ 112 $ 12,702 $ 132 $ 46,985 $ 244 Mortgage-backed securities 22,228 167 13,750 387 35,978 554 Equity securities 408 23 - - 408 23 $ 56,919 $ 302 $ 26,452 $ 519 $ 83,371 $ 821 |
Schedule of amortized cost and fair value classified by contractual maturities | June 30, 2016 (in thousands) Amortized Cost Fair Value Due in less than one year $ 12,859 $ 12,878 Due in one year through five years 90,720 91,586 Due after five years through ten years 85,057 86,341 Due after ten years 8,998 9,220 197,634 200,025 Mortgage-backed securities 166,315 168,265 Equity securities 2,631 3,097 Securities available for sale $ 366,580 $ 371,387 |
Loans, Allowance for Loan Los25
Loans, Allowance for Loan Losses, and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of loan composition and further breakdown summarized by originated and acquired | Total June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 427,093 27.4 % $ 294,419 33.6 % Owner-occupied commercial real estate (“CRE”) 359,401 23.0 185,285 21.1 Agricultural (“AG”) production 32,646 2.1 15,018 1.7 AG real estate 53,005 3.4 43,272 4.9 CRE investment 199,585 12.8 78,711 9.0 Construction & land development 68,957 4.4 36,775 4.2 Residential construction 20,434 1.3 10,443 1.2 Residential first mortgage 287,722 18.4 154,658 17.6 Residential junior mortgage 97,509 6.3 51,967 5.9 Retail & other 14,205 0.9 6,513 0.8 Loans 1,560,557 100.0 % 877,061 100.0 % Less allowance for loan losses 10,947 10,307 Loans, net $ 1,549,610 $ 866,754 Allowance for loan losses to loans 0.70 % 1.18 % Originated June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 305,517 38.1 % $ 284,023 38.4 % Owner-occupied CRE 163,046 20.3 153,563 20.7 AG production 7,102 0.9 6,849 0.9 AG real estate 26,063 3.3 25,464 3.4 CRE investment 65,153 8.1 58,949 8.0 Construction & land development 33,000 4.1 27,231 3.7 Residential construction 14,391 1.8 10,443 1.4 Residential first mortgage 132,422 16.5 122,373 16.5 Residential junior mortgage 46,230 5.8 44,889 6.1 Retail & other 8,496 1.1 6,351 0.9 Loans 801,420 100.0 % 740,135 100.0 % Less allowance for loan losses 9,337 8,714 Loans, net $ 792,083 $ 731,421 Allowance for loan losses to loans 1.17 % 1.18 % Acquired June 30, 2016 December 31, 2015 (in thousands) Amount % of Total Amount % of Commercial & industrial $ 121,576 16.0 % $ 10,396 7.6 % Owner-occupied CRE 196,355 25.9 31,722 23.2 AG production 25,544 3.4 8,169 6.0 AG real estate 26,942 3.5 17,808 13.0 CRE investment 134,432 17.7 19,762 14.4 Construction & land development 35,957 4.8 9,544 7.0 Residential construction 6,043 0.8 - - Residential first mortgage 155,300 20.5 32,285 23.5 Residential junior mortgage 51,279 6.7 7,078 5.2 Retail & other 5,709 0.7 162 0.1 Loans 759,137 100.0 % 136,926 100.0 % Less allowance for loan losses 1,610 1,593 Loans, net $ 757,527 $ 135,333 Allowance for loan losses to loans 0.21 % 1.16 % |
Schedule of changes in ALLL by portfolio segment and further breakdown summarized by originated and acquired | 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 six months ended June 30, 2016: TOTAL – Six Months Ended June 30, 2016 (in 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 345 491 12 40 170 (385 ) 72 85 11 59 900 Charge-offs (262 ) - - - - - - - (12 ) (24 ) (298 ) Recoveries 17 2 - - 8 - - 3 6 2 38 Net charge-offs (245 ) 2 - - 8 - - 3 (6 ) (22 ) (260 ) Ending balance $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 As percent of ALLL 34.9 % 22.2 % 0.9 % 3.8 % 8.8 % 9.7 % 2.0 % 12.1 % 4.6 % 1.0 % 100.0 % ALLL: Individually evaluated $ - $ 119 $ - $ - $ - $ - $ - $ - $ - $ - $ 119 Collectively evaluated 3,821 2,307 97 420 963 1,061 219 1,328 501 111 10,828 Ending balance $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 Loans: Individually evaluated $ 1,407 $ 3,836 $ 64 $ 252 $ 14,595 $ 1,074 $ 313 $ 2,482 $ 185 $ - $ 24,208 Collectively evaluated 425,686 355,565 32,582 52,753 184,990 67,883 20,121 285,240 97,324 14,205 1,536,349 Total loans $ 427,093 $ 359,401 $ 32,646 $ 53,005 $ 199,585 $ 68,957 $ 20,434 $ 287,722 $ 97,509 $ 14,205 $ 1,560,557 Less ALLL $ 3,821 $ 2,426 $ 97 $ 420 $ 963 $ 1,061 $ 219 $ 1,328 $ 501 $ 111 $ 10,947 Net loans $ 423,272 $ 356,975 $ 32,549 $ 52,585 $ 198,622 $ 67,896 $ 20,215 $ 286,394 $ 97,008 $ 14,094 $ 1,549,610 Originated – Six Months Ended June 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 361 481 12 46 166 (393 ) 50 104 20 58 905 Charge-offs (262 ) - - - - - - - (12 ) (24 ) (298 ) Recoveries - 2 - - 8 - - - 5 1 16 Net charge-offs (262 ) 2 - - 8 - - - (7 ) (23 ) (282 ) Ending balance $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 As percent of ALLL 34.6 % 22.0 % 0.9 % 3.7 % 8.8 % 10.6 % 2.1 % 11.7 % 4.6 % 1.0 % 100.0 % ALLL: Individually evaluated $ - $ 119 $ - $ - $ - $ - $ - $ - $ - $ - $ 119 Collectively evaluated 3,234 1,931 83 345 820 988 197 1,091 431 98 9,218 Ending balance $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 Loans: Individually evaluated $ 440 $ 623 $ - $ - $ - $ - $ - $ - $ - $ - $ 1,063 Collectively evaluated 305,077 162,423 7,102 26,063 65,153 33,000 14,391 132,422 46,230 8,496 800,357 Total loans $ 305,517 $ 163,046 $ 7,102 $ 26,063 $ 65,153 $ 33,000 $ 14,391 $ 132,422 $ 46,230 $ 8,496 $ 801,420 Less ALLL $ 3,234 $ 2,050 $ 83 $ 345 $ 820 $ 988 $ 197 $ 1,091 $ 431 $ 98 $ 9,337 Net loans $ 302,283 $ 160,996 $ 7,019 $ 25,718 $ 64,333 $ 32,012 $ 14,194 $ 131,331 $ 45,799 $ 8,398 $ 792,083 Acquired – Six Months Ended June 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 (16 ) 10 - (6 ) 4 8 22 (19 ) (9 ) 1 (5 ) Charge-offs - - - - - - - - - - - Recoveries 17 - - - - - - 3 1 1 22 Net charge-offs 17 - - - - - - 3 1 1 22 Ending balance $ 587 $ 376 $ 14 $ 75 $ 143 $ 73 $ 22 $ 237 $ 70 $ 13 $ 1,610 As percent of ALLL 36.5 % 23.4 % 0.9 % 4.7 % 8.9 % 4.5 % 1.4 % 14.7 % 4.3 % 0.7 % 100.0 % Loans: Individually evaluated $ 967 $ 3,213 $ 64 $ 252 $ 14,595 $ 1,074 $ 313 $ 2,482 $ 185 $ - $ 23,145 Collectively evaluated 120,609 193,142 25,480 26,690 119,837 34,883 5,730 152,818 51,094 5,709 735,992 Total loans $ 121,576 $ 196,355 $ 25,544 $ 26,942 $ 134,432 $ 35,957 $ 6,043 $ 155,300 $ 51,279 $ 5,709 $ 759,137 Less ALLL $ 587 $ 376 $ 14 $ 75 $ 143 $ 73 $ 22 $ 237 $ 70 $ 13 $ 1,610 Net loans $ 120,989 $ 195,979 $ 25,530 $ 26,867 $ 134,289 $ 35,884 $ 6,021 $ 155,063 $ 51,209 $ 5,696 $ 757,527 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 six months ended June 30, 2015. TOTAL – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 646 453 3 66 151 (639 ) (16 ) 151 74 11 900 Charge-offs (288 ) (154 ) - - - - - (32 ) (13 ) (22 ) (509 ) Recoveries 4 2 - - 9 - - 17 1 11 44 Net charge-offs (284 ) (152 ) - - 9 - - (15 ) (12 ) (11 ) (465 ) Ending balance $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 As percent of ALLL 36.5 % 15.7 % 0.6 % 3.0 % 6.9 % 21.0 % 1.4 % 10.3 % 4.1 % 0.5 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ 287 $ - $ - $ - $ - $ 287 Collectively evaluated 3,553 1,531 56 292 671 1,759 124 1,002 399 49 9,436 Ending balance $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 Loans: Individually evaluated $ 48 $ 697 $ 38 $ 403 $ 1,050 $ 4,361 $ - $ 723 $ 148 $ - $ 7,468 Collectively evaluated 309,055 175,112 14,394 40,380 81,436 34,026 10,321 153,134 52,285 5,691 875,834 Total loans $ 309,103 $ 175,809 $ 14,432 $ 40,783 $ 82,486 $ 38,387 $ 10,321 $ 153,857 $ 52,433 $ 5,691 $ 883,302 Less ALLL $ 3,553 $ 1,531 $ 56 $ 292 $ 671 $ 2,046 $ 124 $ 1,002 $ 399 $ 49 $ 9,723 Net loans $ 305,550 $ 174,278 $ 14,376 $ 40,491 $ 81,815 $ 36,341 $ 10,197 $ 152,855 $ 52,034 $ 5,642 $ 873,579 Originated – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision (41 ) 57 (9 ) (19 ) (10 ) (711 ) (16 ) (121 ) (19 ) 1 (888 ) Charge-offs (288 ) (154 ) - - - - - (32 ) - (22 ) (496 ) Recoveries 4 2 - - 9 - - 15 - 11 41 Net charge-offs (284 ) (152 ) - - 9 - - (17 ) - (11 ) (455 ) Ending balance $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 As percent of ALLL 36.1 % 14.3 % 0.6 % 2.6 % 6.4 % 24.8 % 1.6 % 9.2 % 4.0 % 0.4 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ 287 $ - $ - $ - $ - $ 287 Collectively evaluated 2,866 1,135 44 207 510 1,687 124 728 318 39 7,658 Ending balance $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 Loans: Individually evaluated $ 47 $ - $ - $ - $ - $ 3,652 $ - $ - $ - $ - $ 3,699 Collectively evaluated 292,488 138,081 5,287 20,467 56,211 25,010 10,321 116,872 44,629 5,344 714,710 Total loans $ 292,535 $ 138,081 $ 5,287 $ 20,467 $ 56,211 $ 28,662 $ 10,321 $ 116,872 $ 44,629 $ 5,344 $ 718,409 Less ALLL $ 2,866 $ 1,135 $ 44 $ 207 $ 510 $ 1,974 $ 124 $ 728 $ 318 $ 39 $ 7,945 Net loans $ 289,669 $ 136,946 $ 5,243 $ 20,260 $ 55,701 $ 26,688 $ 10,197 $ 116,144 $ 44,311 $ 5,305 $ 710,464 Acquired – Six Months Ended June 30, 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail Total Beginning balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Provision 687 396 12 85 161 72 - 272 93 10 1,788 Charge-offs - - - - - - - - (13 ) - (13 ) Recoveries - - - - - - - 2 1 - 3 Net charge-offs - - - - - - - 2 (12 ) - (10 ) Ending balance $ 687 $ 396 $ 12 $ 85 $ 161 $ 72 $ - $ 274 $ 81 $ 10 $ 1,778 As percent of ALLL 38.6 % 22.3 % 0.7 % 4.8 % 9.1 % 4.0 % - % 15.4 % 4.6 % 0.5 % 100.0 % Loans: Individually evaluated $ 1 $ 697 $ 38 $ 403 $ 1,050 $ 709 $ - $ 723 $ 148 $ - $ 3,769 Collectively evaluated 16,567 37,031 9,107 19,913 25,225 9,016 - 36,262 7,656 347 161,124 Total loans $ 16,568 $ 37,728 $ 9,145 $ 20,316 $ 26,275 $ 9,725 $ - $ 36,985 $ 7,804 $ 347 $ 164,893 Less ALLL $ 687 $ 396 $ 12 $ 85 $ 161 $ 72 $ - $ 274 $ 81 $ 10 $ 1,778 Net loans $ 15,881 $ 37,332 $ 9,133 $ 20,231 $ 26,114 $ 9,653 $ - $ 36,711 $ 7,723 $ 337 $ 163,115 |
Schedule of nonaccrual loans by portfolio segment and further breakdown summarized by originated and acquired | Total Nonaccrual Loans (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 1,419 5.8 % $ 204 5.8 % Owner-occupied CRE 3,906 16.1 951 26.9 AG production 35 0.1 13 0.4 AG real estate 219 0.9 230 6.5 CRE investment 14,343 59.1 1,040 29.4 Construction & land development 1,074 4.4 280 7.9 Residential construction 313 1.3 - - Residential first mortgage 2,755 11.3 674 19.1 Residential junior mortgage 218 1.0 141 4.0 Retail & other - - - - Nonaccrual loans - Total $ 24,282 100.0 % $ 3,533 100.0 % Originated (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 447 33.1 % $ 49 8.4 % Owner-occupied CRE 666 49.3 - - AG production 10 0.7 13 2.2 AG real estate - - - - CRE investment - - 387 66.7 Construction & land development - - - - Residential construction - - - - Residential first mortgage 228 16.9 132 22.7 Residential junior mortgage - - - - Retail & other - - - - Nonaccrual loans - Originated $ 1,351 100.0 % $ 581 100.0 % Acquired (in thousands) June 30, 2016 % to Total December 31, 2015 % to Total Commercial & industrial $ 972 4.2 % $ 155 5.3 % Owner-occupied CRE 3,240 14.1 951 32.1 AG production 25 0.1 - - AG real estate 219 1.0 230 7.8 CRE investment 14,343 62.5 653 22.1 Construction & land development 1,074 4.7 280 9.5 Residential construction 313 1.4 - - Residential first mortgage 2,527 11.0 542 18.4 Residential junior mortgage 218 1.0 141 4.8 Retail & other - - - - Nonaccrual loans – Acquired $ 22,931 100.0 % $ 2,952 100.0 % |
Schedule of past due loans by portfolio segment and further breakdown summarized by originated and acquired | June 30, 2016 (in thousands) 30-89 Days 90 Days & Current Total Commercial & industrial $ 31 $ 1,419 $ 425,643 $ 427,093 Owner-occupied CRE 117 3,906 355,378 359,401 AG production - 35 32,611 32,646 AG real estate - 219 52,786 53,005 CRE investment - 14,343 185,242 199,585 Construction & land development - 1,074 67,883 68,957 Residential construction - 313 20,121 20,434 Residential first mortgage 350 2,755 284,617 287,722 Residential junior mortgage 32 218 97,259 97,509 Retail & other 14 - 14,191 14,205 Total loans $ 544 $ 24,282 $ 1,535,731 $ 1,560,557 As a percent of total loans 0.1 % 1.6 % 98.3 % 100.0 % December 31, 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 50 $ 204 $ 294,165 $ 294,419 Owner-occupied CRE - 951 184,334 185,285 AG production 16 13 14,989 15,018 AG real estate - 230 43,042 43,272 CRE investment - 1,040 77,671 78,711 Construction & land development - 280 36,495 36,775 Residential construction - - 10,443 10,443 Residential first mortgage 150 674 153,834 154,658 Residential junior mortgage 10 141 51,816 51,967 Retail & other 12 - 6,501 6,513 Total loans $ 238 $ 3,533 $ 873,290 $ 877,061 As a percent of total loans 0.1 % 0.4 % 99.5 % 100.0 % |
Schedule of loans by loan grade | June 30, 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 392,681 $ 23,015 $ 4,364 $ 7,033 $ - $ - $ 427,093 Owner-occupied CRE 333,610 18,598 599 6,594 - - 359,401 AG production 31,311 699 76 560 - - 32,646 AG real estate 51,650 472 - 883 - - 53,005 CRE investment 178,399 4,306 1,364 15,516 - - 199,585 Construction & land development 63,009 4,661 - 1,287 - - 68,957 Residential construction 19,681 440 - 313 - - 20,434 Residential first mortgage 281,875 1,791 196 3,860 - - 287,722 Residential junior mortgage 97,156 - 93 260 - - 97,509 Retail & other 14,205 - - - - - 14,205 Total loans $ 1,463,577 $ 53,982 $ 6,692 $ 36,306 $ - $ - $ 1,560,557 Percent of total 93.8 % 3.5 % 0.4 % 2.3 % - - 100.0 % December 31, 2015 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 278,118 $ 9,267 $ 2,490 $ 4,544 $ - $ - $ 294,419 Owner-occupied CRE 176,371 5,072 253 3,589 - - 185,285 AG production 13,238 1,765 - 15 - - 15,018 AG real estate 39,958 2,600 - 714 - - 43,272 CRE investment 74,778 2,020 - 1,913 - - 78,711 Construction & land development 31,897 4,598 - 280 - - 36,775 Residential construction 9,792 651 - - - - 10,443 Residential first mortgage 151,835 860 457 1,506 - - 154,658 Residential junior mortgage 51,736 68 - 163 - - 51,967 Retail & other 6,513 - - - - - 6,513 Total loans $ 834,236 $ 26,901 $ 3,200 $ 12,724 $ - $ - $ 877,061 Percent of total 95.0 % 3.1 % 0.4 % 1.5 % - - 100.0 % |
Schedule of impaired loans and further breakdown summarized by originated and acquired | Total Impaired Loans – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 1,407 $ 2,713 $ - $ 1,406 $ 88 Owner-occupied CRE* 3,836 6,014 119 3,654 181 AG production 64 201 - 64 8 AG real estate 252 345 - 248 13 CRE investment 14,595 23,148 - 14,635 597 Construction & land development 1,074 3,035 - 1,077 57 Residential construction 313 1,400 - 313 39 Residential first mortgage 2,482 4,329 - 2,495 119 Residential junior mortgage 185 708 - 188 28 Retail & Other - 42 - - 3 Total $ 24,208 $ 41,935 $ 119 $ 24,080 $ 1,133 As a further Originated – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 440 $ 440 $ - $ 437 $ 25 Owner-occupied CRE* 623 623 119 415 6 AG production - - - - - AG real estate - - - - - CRE investment - - - - - Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 1,063 $ 1,063 $ 119 $ 852 $ 31 Acquired – June 30, 2016 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 967 $ 2,273 $ - $ 969 $ 63 Owner-occupied CRE* 3,213 5,391 - 3,239 175 AG production 64 201 - 64 8 AG real estate 252 345 - 248 13 CRE investment 14,595 23,148 - 14,635 597 Construction & land development 1,074 3,035 - 1,077 57 Residential construction 313 1,400 - 313 39 Residential first mortgage 2,482 4,329 - 2,495 119 Residential junior mortgage 185 708 - 188 28 Retail & other - 42 - - 3 Total $ 23,145 $ 40,872 $ - $ 23,228 $ 1,102 *One owner-occupied CRE loan with a balance of $0.6 million had a specific reserve of $119,000. No other loans had a related allowance at June 30, 2016 and, therefore, the above disclosure was not expanded to include loans with and without a related allowance. Total Impaired Loans – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 142 $ 142 $ - $ 144 $ 10 Owner-occupied CRE 950 1,688 - 1,111 135 AG production 39 53 - 38 4 AG real estate 252 348 - 260 27 CRE investment 1,301 3,109 - 1,432 175 Construction & land development 280 822 - 301 18 Residential construction - - - - - Residential first mortgage 460 1,150 - 515 79 Residential junior mortgage 142 471 - 147 26 Retail & Other - 12 - - 1 Total $ 3,566 $ 7,795 $ - $ 3,948 $ 475 As a further Originated – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ - $ - $ - $ - $ - Owner-occupied CRE - - - - - AG production - - - - - AG real estate - - - - - CRE investment 387 387 - 387 29 Construction & land development - - - - - Residential construction - - - - - Residential first mortgage - - - - - Residential junior mortgage - - - - - Retail & Other - - - - - Total $ 387 $ 387 $ - $ 387 $ 29 Acquired – December 31, 2015 (in thousands) Recorded Unpaid Principal Related Allowance Average Recorded Interest Income Commercial & industrial $ 142 $ 142 $ - $ 144 $ 10 Owner-occupied CRE 950 1,688 - 1,111 135 AG production 39 53 - 38 4 AG real estate 252 348 - 260 27 CRE investment 914 2,722 - 1,045 146 Construction & land development 280 822 - 301 18 Residential construction - - - - - Residential first mortgage 460 1,150 - 515 79 Residential junior mortgage 142 471 - 147 26 Retail & other - 12 - - 1 Total $ 3,179 $ 7,408 $ - $ 3,561 $ 446 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangible assets | (in thousands) June 30, 2016 December 31, 2015 Core deposit intangibles: Gross carrying amount $ 25,345 $ 8,086 Accumulated amortization (6,104 ) (5,055 ) Net book value $ 19,241 $ 3,031 Additions during the period $ 17,259 $ - Other intangibles: Gross carrying amount $ 4,363 $ - Accumulated amortization (76 ) - Net book value $ 4,287 $ - Additions during the period $ 4,363 $ - |
Schedule of mortgage servicing rights | (in thousands) June 30, 2016 December 31, 2015 Mortgage servicing rights (MSR) asset: MSR asset at beginning of year $ 193 $ - Additions during the period* 1,075 201 Amortization during the period (46 ) (8 ) Valuation allowance at end of period - - Net book value at end of period $ 1,222 $ 193 *Purchased MSR asset included in period $ 885 - Fair value of MSR asset at end of period $ 1,360 $ 249 Residential mortgage loans serviced for others $ 213,782 $ 34,940 |
Schedule of estimated future amortization expense for amortizing intangible assets | (in thousands) Core deposit Other intangibles MSR asset Year ending December 31, 2016 (remaining six months) $ 2,140 $ 193 $ 105 2017 3,805 385 209 2018 3,254 385 209 2019 2,762 385 209 2020 2,156 385 159 Thereafter 5,124 2,554 331 Total $ 19,241 $ 4,287 $ 1,222 |
Notes Payable (Tables)
Notes Payable (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Notes Payable [Abstract] | |
Schedule of notes payable | (in thousands) June 30, 2016 December 31, 2015 Joint venture note $ - $ 9,412 Federal Home Loan Bank (“FHLB”) advances 6,000 6,000 Notes payable $ 6,000 $ 15,412 |
Schedule of maturity of notes payable | Maturing in (in thousands) 2016 $ 5,000 2017 - 2018 1,000 $ 6,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 $ 2,500 $ - $ 2,500 $ - State, county and municipals 186,933 - 186,407 526 Mortgage-backed securities 168,265 - 168,182 83 Corporate debt securities 10,592 - 3,726 6,866 Equity securities 3,097 3,097 - - Securities AFS, June 30, 2016 $ 371,387 $ 3,097 $ 360,815 $ 7,475 (in thousands) U.S. government sponsored enterprises $ 294 $ - $ 294 $ - State, county and municipals 105,021 - 104,495 526 Mortgage-backed securities 61,464 - 61,464 - Corporate debt securities 1,140 - - 1,140 Equity securities 4,677 4,677 - - Securities AFS, December 31, 2015 $ 172,596 $ 4,677 $ 166,253 $ 1,666 |
Schedule of impaired loans and OREO measured at fair value on a nonrecurring basis | Measured at Fair Value on a Nonrecurring Basis Fair Value Measurements Using (in thousands) Total Level 1 Level 2 Level 3 June 30, 2016: Impaired loans $ 24,089 $ - $ - $ 24,089 OREO 3,017 - - 3,017 December 31, 2015: Impaired loans $ 3,566 $ - $ - $ 3,566 OREO 367 - - 367 |
Schedule of estimated fair values of financial instruments | June 30, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 101,863 $ 101,863 $ 101,863 $ - $ - Certificates of deposit in other banks 4,926 4,702 - 4,702 - Securities AFS 371,387 371,387 3,097 360,815 7,475 Other investments 14,637 14,637 - 2,218 12,419 Loans held for sale 6,890 6,993 - 6,993 - Loans, net 1,549,610 1,558,560 - - 1,558,560 BOLI 33,412 33,412 33,412 - - MSR asset 1,222 1,360 - - 1,360 Financial liabilities: Deposits $ 1,894,235 $ 1,896,084 $ - $ - $ 1,896,084 Short-term borrowings 11,170 11,170 - - 11,170 Notes payable 6,000 6,010 - 6,010 - Junior subordinated debentures 24,514 23,882 - - 23,882 Subordinated notes 11,867 11,423 - - 11,423 December 31, 2015 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 83,619 $ 83,619 $ 83,619 $ - $ - Certificates of deposit in other banks 3,416 3,416 - 3,416 - Securities AFS 172,596 172,596 4,677 166,253 1,666 Other investments 8,135 8,135 - 5,995 2,140 Loans held for sale 4,680 4,755 - 4,755 - Loans, net 866,754 865,027 - - 865,027 BOLI 28,475 28,475 28,475 - - Financial liabilities: Deposits $ 1,056,417 $ 1,057,614 $ - $ - $ 1,057,614 Notes payable 15,412 18,354 - 18,354 - Junior subordinated debentures 12,527 11,900 - - 11,900 Subordinated notes 11,849 11,414 - - 11,414 |
Basis of Presentation (Detail T
Basis of Presentation (Detail Textuals) | 6 Months Ended |
Jun. 30, 2016Segment | |
Accounting Policies [Abstract] | |
Number of operating segments | 1 |
Acquisition - Fair value of the
Acquisition - Fair value of the assets acquired and liabilities assumed (Details) $ in Millions | Apr. 29, 2016USD ($) |
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 | 66 |
As recorded by Baylake Corp | |
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 | |
Junior subordinated debentures, borrowings and other liabilities | (1) |
Total liabilities acquired | (1) |
Excess of assets acquired over liabilities acquired | $ (11) |
Acquisition - Unaudited pro for
Acquisition - Unaudited pro forma information presents results of operations (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Business Combinations [Abstract] | ||||
Total revenues, net of interest expense | $ 26,831 | $ 26,294 | $ 53,434 | $ 52,685 |
Net income | $ 4,343 | $ 5,704 | $ 10,214 | $ 11,400 |
Diluted earnings per share (in dollars per share) | $ 0.46 | $ 0.64 | $ 1.10 | $ 1.28 |
Acquisition (Detail Textuals)
Acquisition (Detail Textuals) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 29, 2016USD ($)Branch$ / sharesshares | Mar. 31, 2016USD ($) | Jun. 30, 2016shares | |
Business Acquisition [Line Items] | |||
Number of common stock issued for consideration | shares | 165,035 | ||
Total purchase price | $ 164 | ||
Goodwill | 66 | ||
Fixed assets | 63 | ||
Customer intangibles | 17 | ||
Baylake Corp. ("Baylake") | |||
Business Acquisition [Line Items] | |||
Fixed assets | 71 | ||
Customer intangibles | $ 1 | ||
Group of financial advisors | |||
Business Acquisition [Line Items] | |||
Total consideration paid | $ 4.9 | ||
Cash | 0.8 | ||
Nicolet common stock | 2.6 | ||
Earn-out liability payable | 1.5 | ||
Goodwill | 0.4 | ||
Fixed assets | 0.2 | ||
Customer intangibles | $ 4.3 | ||
Portion of customer intangible amortized by straight line method | 10 years | ||
Useful life of portion of customer intangible amortized | 15 years | ||
Merger Agreement | Baylake Corp. ("Baylake") | |||
Business Acquisition [Line Items] | |||
Number of branches | Branch | 42 | ||
Number of common stock for each outstanding share of Baylake common stock | 0.4517 | ||
Number of common stock issued for consideration | shares | 4,344,243 | ||
Value of common stock issued for consideration | $ 163.3 | ||
Price per share for stock issued in consideration | $ / shares | $ 37.58 | ||
Number of trading days | 20 days | ||
Additional consideration for assumed stock options | $ 1.2 | ||
Direct stock issuance costs for the merger charged against additional paid in capital | 0.3 | ||
Total purchase price | $ 164.2 |
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 | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Earnings Per Share [Abstract] | |||||
Net income, net of noncontrolling interest | $ 3,257 | $ 2,935 | $ 5,911 | $ 6,015 | |
Less: preferred stock dividends | 274 | 61 | 386 | 122 | |
Net income available to common shareholders | $ 2,983 | $ 2,874 | $ 5,525 | $ 5,893 | |
Weighted average common shares outstanding | 7,257,218 | 4,007,368 | 5,719,651 | 4,019,279 | |
Effect of dilutive stock instruments | 372,000 | 359,000 | 322,000 | 319,000 | |
Diluted weighted average common shares outstanding | 7,629,175 | 4,366,295 | 6,041,543 | 4,337,780 | |
Basic earnings per common share (in dollars per share) | [1] | $ 0.41 | $ 0.72 | $ 0.97 | $ 1.47 |
Diluted earnings per common share (in dollars per share) | [1] | $ 0.39 | $ 0.66 | $ 0.91 | $ 1.36 |
[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. |
Earnings per Common Share (Deta
Earnings per Common Share (Detail Textuals) shares in Millions | 6 Months Ended |
Jun. 30, 2015shares | |
Stock Options | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Shares excluded from calculation of earnings per common share | 0.2 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted average assumptions (Details) - Stock Incentive Plan - Stock Options - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
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 | 1.61% | 1.68% |
Expected average life | 7 years | 7 years |
Weighted average per share fair value of options | $ 10.75 | $ 8.11 |
Stock-based Compensation - Acti
Stock-based Compensation - Activity of stock incentive plans for options (Details 1) - Stock Incentive Plan - Stock Options - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted Average Fair Value Per Share of Options Granted | $ 10.75 | $ 8.11 | |
Options Shares Outstanding | |||
Balance | 746,004 | 967,859 | |
Granted | 35,000 | 162,000 | |
Options assumed in acquisition | 91,701 | ||
Exercise of stock options | [1] | (23,052) | (381,505) |
Forfeited | (656) | (2,350) | |
Balance | 848,997 | 746,004 | |
Weighted-Average Exercise Price | |||
Balance | $ 21.56 | $ 19.30 | |
Granted | 35.63 | 26.66 | |
Options assumed in acquisition | 21.03 | ||
Exercise of stock options | [1] | 22.46 | 18 |
Forfeited | 19.17 | 19.61 | |
Balance | $ 22.06 | $ 21.56 | |
Exercisable Shares, Beginning Balance | 325,979 | 630,121 | |
Exercisable Shares, Ending Balance | 457,510 | 325,979 | |
[1] | 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. |
Stock-based Compensation - Ac37
Stock-based Compensation - Activity of restricted stock awards (Details 2) - Restricted Stock - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Weighted-Average Grant Date Fair Value | |||
Balance | $ 18.70 | $ 18.62 | |
Granted | 31.33 | ||
Vested | [1] | 20.01 | 19.26 |
Forfeited | 16.50 | ||
Balance | $ 24.77 | $ 18.70 | |
Restricted Shares Outstanding | |||
Balance | 36,690 | 66,231 | |
Granted | 25,202 | ||
Vested | [1] | (12,077) | (29,261) |
Forfeited | (280) | ||
Balance | 49,815 | 36,690 | |
[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 3,653 shares were surrendered during the six months ended June 30, 2016 and 7,715 shares were surrendered during the twelve months ended December 31, 2015. |
Stock-based Compensation (Detai
Stock-based Compensation (Detail Textuals) | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Lower exercise price range | $ 9.19 |
Upper exercise price range | $ 38.10 |
Stock Options | Exercise Price $9.19 - $20.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding | shares | 329,163 |
Lower exercise price range | $ 9.19 |
Upper exercise price range | $ 20 |
Stock Options | Exercise Price $20.01 - $25.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding | shares | 268,397 |
Lower exercise price range | $ 20.01 |
Upper exercise price range | $ 25 |
Stock Options | Exercise Price $25.01 - $30.00 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding | shares | 172,332 |
Lower exercise price range | $ 25.01 |
Upper exercise price range | $ 30 |
Stock Options | Exercise Price $30.01 - $38.10 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding | shares | 79,105 |
Lower exercise price range | $ 30.01 |
Upper exercise price range | $ 38.10 |
Stock-based Compensation (Det39
Stock-based Compensation (Detail Textuals 1) - Stock Options - USD ($) $ / shares in Units, $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average remaining contractual life of exercisable options | 5 years | |
Stock options, exercisable, weighted average exercise price | $ 19.66 | |
Total intrinsic value of options exercised | $ 0.3 | $ 5.2 |
Stock-based Compensation (Det40
Stock-based Compensation (Detail Textuals 2) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based employee compensation | $ 0.8 | $ 0.6 | |
Unrecognized compensation cost | $ 3.5 | ||
Remaining vesting period over which cost expected to be recognized | 3 years | ||
Restricted Stock Agreements | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of shares surrendered (in shares) | 3,653 | 7,715 |
Securities Available for Sale -
Securities Available for Sale - Amortized costs and fair values of securities available for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 366,580 | $ 170,991 |
Gross Unrealized Gains | 4,930 | 2,426 |
Gross Unrealized Losses | 123 | 821 |
Fair Value | 371,387 | 172,596 |
U.S. government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,473 | 287 |
Gross Unrealized Gains | 27 | 7 |
Gross Unrealized Losses | ||
Fair Value | 2,500 | 294 |
State, county and municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 184,704 | 104,768 |
Gross Unrealized Gains | 2,266 | 497 |
Gross Unrealized Losses | 37 | 244 |
Fair Value | 186,933 | 105,021 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 166,315 | 61,600 |
Gross Unrealized Gains | 2,023 | 418 |
Gross Unrealized Losses | 73 | 554 |
Fair Value | 168,265 | 61,464 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,457 | 1,140 |
Gross Unrealized Gains | 135 | |
Gross Unrealized Losses | ||
Fair Value | 10,592 | 1,140 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,631 | 3,196 |
Gross Unrealized Gains | 479 | 1,504 |
Gross Unrealized Losses | 13 | 23 |
Fair Value | $ 3,097 | $ 4,677 |
Securities Available for Sale42
Securities Available for Sale - Gross unrealized losses and the related fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 21,022 | $ 56,919 |
Less than 12 months, Unrealized Losses | 42 | 302 |
12 months or more, Fair Value | 10,387 | 26,452 |
12 months or more, Unrealized Losses | 81 | 519 |
Total, Fair Value | 31,409 | 83,371 |
Total, Unrealized Losses | 123 | 821 |
State, county and municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 10,539 | 34,283 |
Less than 12 months, Unrealized Losses | 12 | 112 |
12 months or more, Fair Value | 6,133 | 12,702 |
12 months or more, Unrealized Losses | 25 | 132 |
Total, Fair Value | 16,672 | 46,985 |
Total, Unrealized Losses | 37 | 244 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 10,288 | 22,228 |
Less than 12 months, Unrealized Losses | 17 | 167 |
12 months or more, Fair Value | 4,254 | 13,750 |
12 months or more, Unrealized Losses | 56 | 387 |
Total, Fair Value | 14,542 | 35,978 |
Total, Unrealized Losses | 73 | 554 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 195 | 408 |
Less than 12 months, Unrealized Losses | 13 | 23 |
12 months or more, Fair Value | ||
12 months or more, Unrealized Losses | ||
Total, Fair Value | 195 | 408 |
Total, Unrealized Losses | $ 13 | $ 23 |
Securities Available for Sale43
Securities Available for Sale - Amortized cost and fair values of securities available for sale at by contractual maturity (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due in less than one year | $ 12,859 | |
Amortized Cost, Due in one year through five years | 90,720 | |
Amortized Cost, Due after five years through ten years | 85,057 | |
Amortized Cost, Due after ten years | 8,998 | |
Available for sale, Single maturity date, Amortized Cost | 197,634 | |
Amortized Cost, Securities available for sale | 366,580 | $ 170,991 |
Fair Value, Due in less than one year | 12,878 | |
Fair Value, Due in one year through five years | 91,586 | |
Fair Value, Due after five years through ten years | 86,341 | |
Fair Value, Due after ten years | 9,220 | |
Available for sale, Single maturity date, Fair value | 200,025 | |
Fair Value, Securities available for sale | 371,387 | 172,596 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Securities available for sale | 166,315 | 61,600 |
Fair Value, Securities available for sale | 168,265 | 61,464 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Securities available for sale | 2,631 | 3,196 |
Fair Value, Securities available for sale | $ 3,097 | $ 4,677 |
Securities Available for Sale44
Securities Available for Sale (Detail Textuals) | 6 Months Ended | ||
Jun. 30, 2016USD ($)Security | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Available-for-sale Securities [Abstract] | |||
Gross unrealized losses | $ 123,000 | $ 821,000 | |
Number of securities | Security | 64 | ||
Proceeds from sales of securities available for sale | $ 15,849,000 | $ 13,883,000 | |
Realized gains | 50,000 | $ 600,000 | |
Realized losses | $ 10,000 |
Loans, Allowance for Loan Los45
Loans, Allowance for Loan Losses, and Credit Quality - Summary of loan composition (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 1,560,557 | $ 877,061 | $ 883,302 | |
Less allowance for loan losses | 10,947 | 10,307 | 9,723 | $ 9,288 |
Loans, net | $ 1,549,610 | $ 866,754 | 873,579 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 0.70% | 1.18% | ||
Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 14,205 | $ 6,513 | 5,691 | |
Less allowance for loan losses | 111 | $ 74 | 49 | 49 |
Loans, net | $ 14,094 | 5,642 | ||
% of Total | 0.90% | 0.80% | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 427,093 | $ 294,419 | ||
Less allowance for loan losses | $ 3,821 | $ 3,721 | 3,553 | 3,191 |
% of Total | 27.40% | 33.60% | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 359,401 | $ 185,285 | ||
Less allowance for loan losses | $ 2,426 | $ 1,933 | 1,531 | 1,230 |
% of Total | 23.00% | 21.10% | ||
Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 32,646 | $ 15,018 | 14,432 | |
Less allowance for loan losses | 97 | $ 85 | 56 | 53 |
Loans, net | $ 32,549 | 14,376 | ||
% of Total | 2.10% | 1.70% | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 53,005 | $ 43,272 | 40,783 | |
Less allowance for loan losses | 420 | $ 380 | 292 | 226 |
Loans, net | $ 52,585 | 40,491 | ||
% of Total | 3.40% | 4.90% | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 199,585 | $ 78,711 | 82,486 | |
Less allowance for loan losses | 963 | $ 785 | 671 | 511 |
Loans, net | $ 198,622 | 81,815 | ||
% of Total | 12.80% | 9.00% | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 68,957 | $ 36,775 | 38,387 | |
Less allowance for loan losses | 1,061 | $ 1,446 | 2,046 | 2,685 |
Loans, net | $ 67,896 | 36,341 | ||
% of Total | 4.40% | 4.20% | ||
Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 287,722 | $ 154,658 | 153,857 | |
Less allowance for loan losses | 1,328 | $ 1,240 | 1,002 | 866 |
Loans, net | $ 286,394 | 152,855 | ||
% of Total | 18.40% | 17.60% | ||
Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 97,509 | $ 51,967 | 52,433 | |
Less allowance for loan losses | 501 | $ 496 | 399 | 337 |
Loans, net | $ 97,008 | 52,034 | ||
% of Total | 6.30% | 5.90% | ||
Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 20,434 | $ 10,443 | 10,321 | |
Less allowance for loan losses | 219 | $ 147 | 124 | 140 |
Loans, net | $ 20,215 | 10,197 | ||
% of Total | 1.30% | 1.20% | ||
Originated | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 801,420 | $ 740,135 | 718,409 | |
Less allowance for loan losses | 9,337 | 8,714 | 7,945 | 9,288 |
Loans, net | $ 792,083 | $ 731,421 | 710,464 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 1.17% | 1.18% | ||
Originated | Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 8,496 | $ 6,351 | 5,344 | |
Less allowance for loan losses | 98 | $ 63 | 39 | 49 |
Loans, net | $ 8,398 | 5,305 | ||
% of Total | 1.10% | 0.90% | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 305,517 | $ 284,023 | ||
Less allowance for loan losses | $ 3,234 | $ 3,135 | 2,866 | 3,191 |
% of Total | 38.10% | 38.40% | ||
Originated | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 163,046 | $ 153,563 | ||
Less allowance for loan losses | $ 2,050 | $ 1,567 | 1,135 | 1,230 |
% of Total | 20.30% | 20.70% | ||
Originated | Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 7,102 | $ 6,849 | 5,287 | |
Less allowance for loan losses | 83 | $ 71 | 44 | 53 |
Loans, net | $ 7,019 | 5,243 | ||
% of Total | 0.90% | 0.90% | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 26,063 | $ 25,464 | 20,467 | |
Less allowance for loan losses | 345 | $ 299 | 207 | 226 |
Loans, net | $ 25,718 | 20,260 | ||
% of Total | 3.30% | 3.40% | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 65,153 | $ 58,949 | 56,211 | |
Less allowance for loan losses | 820 | $ 646 | 510 | 511 |
Loans, net | $ 64,333 | 55,701 | ||
% of Total | 8.10% | 8.00% | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 33,000 | $ 27,231 | 28,662 | |
Less allowance for loan losses | 988 | $ 1,381 | 1,974 | 2,685 |
Loans, net | $ 32,012 | 26,688 | ||
% of Total | 4.10% | 3.70% | ||
Originated | Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 132,422 | $ 122,373 | 116,872 | |
Less allowance for loan losses | 1,091 | $ 987 | 728 | 866 |
Loans, net | $ 131,331 | 116,144 | ||
% of Total | 16.50% | 16.50% | ||
Originated | Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 46,230 | $ 44,889 | 44,629 | |
Less allowance for loan losses | 431 | $ 418 | 318 | 337 |
Loans, net | $ 45,799 | 44,311 | ||
% of Total | 5.80% | 6.10% | ||
Originated | Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 14,391 | $ 10,443 | 10,321 | |
Less allowance for loan losses | 197 | $ 147 | 124 | 140 |
Loans, net | $ 14,194 | 10,197 | ||
% of Total | 1.80% | 1.40% | ||
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 759,137 | $ 136,926 | 164,893 | |
Less allowance for loan losses | 1,610 | 1,593 | 1,778 | |
Loans, net | $ 757,527 | $ 135,333 | 163,115 | |
% of Total | 100.00% | 100.00% | ||
Allowance for loan losses to loans | 0.21% | 1.16% | ||
Acquired | Retail & other | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 5,709 | $ 162 | 347 | |
Less allowance for loan losses | 13 | $ 11 | 10 | |
Loans, net | $ 5,696 | 337 | ||
% of Total | 0.70% | 0.10% | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 121,576 | $ 10,396 | ||
Less allowance for loan losses | $ 587 | $ 586 | 687 | |
% of Total | 16.00% | 7.60% | ||
Acquired | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 196,355 | $ 31,722 | ||
Less allowance for loan losses | $ 376 | $ 366 | 396 | |
% of Total | 25.90% | 23.20% | ||
Acquired | Commercial Portfolio Segment | Agricultural ("AG") production | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 25,544 | $ 8,169 | 9,145 | |
Less allowance for loan losses | 14 | $ 14 | 12 | |
Loans, net | $ 25,530 | 9,133 | ||
% of Total | 3.40% | 6.00% | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 26,942 | $ 17,808 | 20,316 | |
Less allowance for loan losses | 75 | $ 81 | 85 | |
Loans, net | $ 26,867 | 20,231 | ||
% of Total | 3.50% | 13.00% | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 134,432 | $ 19,762 | 26,275 | |
Less allowance for loan losses | 143 | $ 139 | 161 | |
Loans, net | $ 134,289 | 26,114 | ||
% of Total | 17.70% | 14.40% | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 35,957 | $ 9,544 | 9,725 | |
Less allowance for loan losses | 73 | $ 65 | 72 | |
Loans, net | $ 35,884 | 9,653 | ||
% of Total | 4.80% | 7.00% | ||
Acquired | Residential | First mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 155,300 | $ 32,285 | 36,985 | |
Less allowance for loan losses | 237 | $ 253 | 274 | |
Loans, net | $ 155,063 | 36,711 | ||
% of Total | 20.50% | 23.50% | ||
Acquired | Residential | Junior mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 51,279 | $ 7,078 | 7,804 | |
Less allowance for loan losses | 70 | $ 78 | 81 | |
Loans, net | $ 51,209 | 7,723 | ||
% of Total | 6.70% | 5.20% | ||
Acquired | Residential | Residential construction | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans | $ 6,043 | |||
Less allowance for loan losses | 22 | |||
Loans, net | $ 6,021 | |||
% of Total | 0.80% |
Loans, Allowance for Loan Los46
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 | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 10,307 | $ 9,288 |
Provision | 900 | 900 |
Write Offs | (298) | (509) |
Recoveries | 38 | 44 |
Net charge-offs | (260) | (465) |
Ending balance | $ 10,947 | $ 9,723 |
As percent of ALLL | 100.00% | 100.00% |
Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 74 | $ 49 |
Provision | 59 | 11 |
Write Offs | (24) | (22) |
Recoveries | 2 | 11 |
Net charge-offs | (22) | (11) |
Ending balance | $ 111 | $ 49 |
As percent of ALLL | 1.00% | 0.50% |
Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 3,721 | $ 3,191 |
Provision | 345 | 646 |
Write Offs | (262) | (288) |
Recoveries | 17 | 4 |
Net charge-offs | (245) | (284) |
Ending balance | $ 3,821 | $ 3,553 |
As percent of ALLL | 34.90% | 36.50% |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,933 | $ 1,230 |
Provision | 491 | 453 |
Write Offs | (154) | |
Recoveries | 2 | 2 |
Net charge-offs | 2 | (152) |
Ending balance | $ 2,426 | $ 1,531 |
As percent of ALLL | 22.20% | 15.70% |
Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 85 | $ 53 |
Provision | 12 | 3 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 97 | $ 56 |
As percent of ALLL | 0.90% | 0.60% |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 380 | $ 226 |
Provision | 40 | 66 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 420 | $ 292 |
As percent of ALLL | 3.80% | 3.00% |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 785 | $ 511 |
Provision | 170 | 151 |
Write Offs | ||
Recoveries | 8 | 9 |
Net charge-offs | 8 | 9 |
Ending balance | $ 963 | $ 671 |
As percent of ALLL | 8.80% | 6.90% |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,446 | $ 2,685 |
Provision | (385) | (639) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 1,061 | $ 2,046 |
As percent of ALLL | 9.70% | 21.00% |
Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,240 | $ 866 |
Provision | 85 | 151 |
Write Offs | (32) | |
Recoveries | 3 | 17 |
Net charge-offs | 3 | (15) |
Ending balance | $ 1,328 | $ 1,002 |
As percent of ALLL | 12.10% | 10.30% |
Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 496 | $ 337 |
Provision | 11 | 74 |
Write Offs | (12) | (13) |
Recoveries | 6 | 1 |
Net charge-offs | (6) | (12) |
Ending balance | $ 501 | $ 399 |
As percent of ALLL | 4.60% | 4.10% |
Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 147 | $ 140 |
Provision | 72 | (16) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 219 | $ 124 |
As percent of ALLL | 2.00% | 1.40% |
Originated | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 8,714 | $ 9,288 |
Provision | 905 | (888) |
Write Offs | (298) | (496) |
Recoveries | 16 | 41 |
Net charge-offs | (282) | (455) |
Ending balance | $ 9,337 | $ 7,945 |
As percent of ALLL | 100.00% | 100.00% |
Originated | Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 63 | $ 49 |
Provision | 58 | 1 |
Write Offs | (24) | (22) |
Recoveries | 1 | 11 |
Net charge-offs | (23) | (11) |
Ending balance | $ 98 | $ 39 |
As percent of ALLL | 1.00% | 0.40% |
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 3,135 | $ 3,191 |
Provision | 361 | (41) |
Write Offs | (262) | (288) |
Recoveries | 4 | |
Net charge-offs | (262) | (284) |
Ending balance | $ 3,234 | $ 2,866 |
As percent of ALLL | 34.60% | 36.10% |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,567 | $ 1,230 |
Provision | 481 | 57 |
Write Offs | (154) | |
Recoveries | 2 | 2 |
Net charge-offs | 2 | (152) |
Ending balance | $ 2,050 | $ 1,135 |
As percent of ALLL | 22.00% | 14.30% |
Originated | Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 71 | $ 53 |
Provision | 12 | (9) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 83 | $ 44 |
As percent of ALLL | 0.90% | 0.60% |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 299 | $ 226 |
Provision | 46 | (19) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 345 | $ 207 |
As percent of ALLL | 3.70% | 2.60% |
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 646 | $ 511 |
Provision | 166 | (10) |
Write Offs | ||
Recoveries | 8 | 9 |
Net charge-offs | 8 | 9 |
Ending balance | $ 820 | $ 510 |
As percent of ALLL | 8.80% | 6.40% |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,381 | $ 2,685 |
Provision | (393) | (711) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 988 | $ 1,974 |
As percent of ALLL | 10.60% | 24.80% |
Originated | Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 987 | $ 866 |
Provision | 104 | (121) |
Write Offs | (32) | |
Recoveries | 15 | |
Net charge-offs | (17) | |
Ending balance | $ 1,091 | $ 728 |
As percent of ALLL | 11.70% | 9.20% |
Originated | Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 418 | $ 337 |
Provision | 20 | (19) |
Write Offs | (12) | |
Recoveries | 5 | |
Net charge-offs | (7) | |
Ending balance | $ 431 | $ 318 |
As percent of ALLL | 4.60% | 4.00% |
Originated | Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 147 | $ 140 |
Provision | 50 | (16) |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 197 | $ 124 |
As percent of ALLL | 2.10% | 1.60% |
Acquired | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 1,593 | |
Provision | (5) | 1,788 |
Write Offs | (13) | |
Recoveries | 22 | 3 |
Net charge-offs | 22 | (10) |
Ending balance | $ 1,610 | $ 1,778 |
As percent of ALLL | 100.00% | 100.00% |
Acquired | Retail & other | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 11 | |
Provision | 1 | 10 |
Write Offs | ||
Recoveries | 1 | |
Net charge-offs | 1 | |
Ending balance | $ 13 | $ 10 |
As percent of ALLL | 0.70% | 0.50% |
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 586 | |
Provision | (16) | 687 |
Write Offs | ||
Recoveries | 17 | |
Net charge-offs | 17 | |
Ending balance | $ 587 | $ 687 |
As percent of ALLL | 36.50% | 38.60% |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 366 | |
Provision | 10 | 396 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 376 | $ 396 |
As percent of ALLL | 23.40% | 22.30% |
Acquired | Commercial Portfolio Segment | AG Production | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 14 | |
Provision | 12 | |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 14 | $ 12 |
As percent of ALLL | 0.90% | 0.70% |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 81 | |
Provision | (6) | 85 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 75 | $ 85 |
As percent of ALLL | 4.70% | 4.80% |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 139 | |
Provision | 4 | 161 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 143 | $ 161 |
As percent of ALLL | 8.90% | 9.10% |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 65 | |
Provision | 8 | 72 |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 73 | $ 72 |
As percent of ALLL | 4.50% | 4.00% |
Acquired | Residential | First mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 253 | |
Provision | (19) | 272 |
Write Offs | ||
Recoveries | 3 | 2 |
Net charge-offs | 3 | 2 |
Ending balance | $ 237 | $ 274 |
As percent of ALLL | 14.70% | 15.40% |
Acquired | Residential | Junior mortgage | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | $ 78 | |
Provision | (9) | 93 |
Write Offs | (13) | |
Recoveries | 1 | 1 |
Net charge-offs | 1 | (12) |
Ending balance | $ 70 | $ 81 |
As percent of ALLL | 4.30% | 4.60% |
Acquired | Residential | Residential construction | ||
Allowance for Loan Losses (ALLL): | ||
Beginning balance | ||
Provision | 22 | |
Write Offs | ||
Recoveries | ||
Net charge-offs | ||
Ending balance | $ 22 | |
As percent of ALLL | 1.40% |
Loans, Allowance for Loan Los47
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 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
ALLL: | ||||
Individually evaluated | $ 119 | $ 287 | ||
Collectively evaluated | 10,828 | 9,436 | ||
Ending balance | 10,947 | $ 10,307 | 9,723 | $ 9,288 |
Loans: | ||||
Individually evaluated | 24,208 | 7,468 | ||
Collectively evaluated | 1,536,349 | 875,834 | ||
Total loans | 1,560,557 | 877,061 | 883,302 | |
Less ALLL | 10,947 | 10,307 | 9,723 | 9,288 |
Net loans | 1,549,610 | 866,754 | 873,579 | |
Retail & other | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 111 | 49 | ||
Ending balance | 111 | 74 | 49 | 49 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 14,205 | 5,691 | ||
Total loans | 14,205 | 6,513 | 5,691 | |
Less ALLL | 111 | 74 | 49 | 49 |
Net loans | 14,094 | 5,642 | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 3,821 | 3,553 | ||
Ending balance | 3,821 | 3,553 | ||
Loans: | ||||
Individually evaluated | 1,407 | 48 | ||
Collectively evaluated | 425,686 | 309,055 | ||
Total loans | 427,093 | 294,419 | 309,103 | |
Less ALLL | 3,821 | 3,553 | ||
Net loans | 423,272 | 305,550 | ||
Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | 119 | |||
Collectively evaluated | 2,307 | 1,531 | ||
Ending balance | 2,426 | 1,531 | ||
Loans: | ||||
Individually evaluated | 3,836 | 697 | ||
Collectively evaluated | 355,565 | 175,112 | ||
Total loans | 359,401 | 185,285 | 175,809 | |
Less ALLL | 2,426 | 1,531 | ||
Net loans | 356,975 | 174,278 | ||
Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 97 | 56 | ||
Ending balance | 97 | 85 | 56 | 53 |
Loans: | ||||
Individually evaluated | 64 | 38 | ||
Collectively evaluated | 32,582 | 14,394 | ||
Total loans | 32,646 | 15,018 | 14,432 | |
Less ALLL | 97 | 85 | 56 | 53 |
Net loans | 32,549 | 14,376 | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 420 | 292 | ||
Ending balance | 420 | 380 | 292 | 226 |
Loans: | ||||
Individually evaluated | 252 | 403 | ||
Collectively evaluated | 52,753 | 40,380 | ||
Total loans | 53,005 | 43,272 | 40,783 | |
Less ALLL | 420 | 380 | 292 | 226 |
Net loans | 52,585 | 40,491 | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 963 | 671 | ||
Ending balance | 963 | 785 | 671 | 511 |
Loans: | ||||
Individually evaluated | 14,595 | 1,050 | ||
Collectively evaluated | 184,990 | 81,436 | ||
Total loans | 199,585 | 78,711 | 82,486 | |
Less ALLL | 963 | 785 | 671 | 511 |
Net loans | 198,622 | 81,815 | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | 287 | |||
Collectively evaluated | 1,061 | 1,759 | ||
Ending balance | 1,061 | 1,446 | 2,046 | 2,685 |
Loans: | ||||
Individually evaluated | 1,074 | 4,361 | ||
Collectively evaluated | 67,883 | 34,026 | ||
Total loans | 68,957 | 36,775 | 38,387 | |
Less ALLL | 1,061 | 1,446 | 2,046 | 2,685 |
Net loans | 67,896 | 36,341 | ||
Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 1,328 | 1,002 | ||
Ending balance | 1,328 | 1,240 | 1,002 | 866 |
Loans: | ||||
Individually evaluated | 2,482 | 723 | ||
Collectively evaluated | 285,240 | 153,134 | ||
Total loans | 287,722 | 154,658 | 153,857 | |
Less ALLL | 1,328 | 1,240 | 1,002 | 866 |
Net loans | 286,394 | 152,855 | ||
Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 501 | 399 | ||
Ending balance | 501 | 496 | 399 | 337 |
Loans: | ||||
Individually evaluated | 185 | 148 | ||
Collectively evaluated | 97,324 | 52,285 | ||
Total loans | 97,509 | 51,967 | 52,433 | |
Less ALLL | 501 | 496 | 399 | 337 |
Net loans | 97,008 | 52,034 | ||
Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 219 | 124 | ||
Ending balance | 219 | 147 | 124 | 140 |
Loans: | ||||
Individually evaluated | 313 | |||
Collectively evaluated | 20,121 | 10,321 | ||
Total loans | 20,434 | 10,443 | 10,321 | |
Less ALLL | 219 | 147 | 124 | 140 |
Net loans | 20,215 | 10,197 | ||
Originated | ||||
ALLL: | ||||
Individually evaluated | 119 | 287 | ||
Collectively evaluated | 9,218 | 7,658 | ||
Ending balance | 9,337 | 8,714 | 7,945 | 9,288 |
Loans: | ||||
Individually evaluated | 1,063 | 3,699 | ||
Collectively evaluated | 800,357 | 714,710 | ||
Total loans | 801,420 | 740,135 | 718,409 | |
Less ALLL | 9,337 | 8,714 | 7,945 | 9,288 |
Net loans | 792,083 | 731,421 | 710,464 | |
Originated | Retail & other | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 98 | 39 | ||
Ending balance | 98 | 63 | 39 | 49 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 8,496 | 5,344 | ||
Total loans | 8,496 | 6,351 | 5,344 | |
Less ALLL | 98 | 63 | 39 | 49 |
Net loans | 8,398 | 5,305 | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 3,234 | 2,866 | ||
Ending balance | 3,234 | 2,866 | ||
Loans: | ||||
Individually evaluated | 440 | 47 | ||
Collectively evaluated | 305,077 | 292,488 | ||
Total loans | 305,517 | 292,535 | ||
Less ALLL | 3,234 | 2,866 | ||
Net loans | 302,283 | 289,669 | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | 119 | |||
Collectively evaluated | 1,931 | 1,135 | ||
Ending balance | 2,050 | 1,135 | ||
Loans: | ||||
Individually evaluated | 623 | |||
Collectively evaluated | 162,423 | 138,081 | ||
Total loans | 163,046 | 138,081 | ||
Less ALLL | 2,050 | 1,135 | ||
Net loans | 160,996 | 136,946 | ||
Originated | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 83 | 44 | ||
Ending balance | 83 | 71 | 44 | 53 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 7,102 | 5,287 | ||
Total loans | 7,102 | 6,849 | 5,287 | |
Less ALLL | 83 | 71 | 44 | 53 |
Net loans | 7,019 | 5,243 | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 345 | 207 | ||
Ending balance | 345 | 299 | 207 | 226 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 26,063 | 20,467 | ||
Total loans | 26,063 | 25,464 | 20,467 | |
Less ALLL | 345 | 299 | 207 | 226 |
Net loans | 25,718 | 20,260 | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 820 | 510 | ||
Ending balance | 820 | 646 | 510 | 511 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 65,153 | 56,211 | ||
Total loans | 65,153 | 58,949 | 56,211 | |
Less ALLL | 820 | 646 | 510 | 511 |
Net loans | 64,333 | 55,701 | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | 287 | |||
Collectively evaluated | 988 | 1,687 | ||
Ending balance | 988 | 1,381 | 1,974 | 2,685 |
Loans: | ||||
Individually evaluated | 3,652 | |||
Collectively evaluated | 33,000 | 25,010 | ||
Total loans | 33,000 | 27,231 | 28,662 | |
Less ALLL | 988 | 1,381 | 1,974 | 2,685 |
Net loans | 32,012 | 26,688 | ||
Originated | Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 1,091 | 728 | ||
Ending balance | 1,091 | 987 | 728 | 866 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 132,422 | 116,872 | ||
Total loans | 132,422 | 122,373 | 116,872 | |
Less ALLL | 1,091 | 987 | 728 | 866 |
Net loans | 131,331 | 116,144 | ||
Originated | Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 431 | 318 | ||
Ending balance | 431 | 418 | 318 | 337 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 46,230 | 44,629 | ||
Total loans | 46,230 | 44,889 | 44,629 | |
Less ALLL | 431 | 418 | 318 | 337 |
Net loans | 45,799 | 44,311 | ||
Originated | Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 197 | 124 | ||
Ending balance | 197 | 147 | 124 | 140 |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 14,391 | 10,321 | ||
Total loans | 14,391 | 10,443 | 10,321 | |
Less ALLL | 197 | 147 | 124 | 140 |
Net loans | 14,194 | 10,197 | ||
Acquired | ||||
ALLL: | ||||
Ending balance | 1,610 | 1,593 | 1,778 | |
Loans: | ||||
Individually evaluated | 23,145 | 3,769 | ||
Collectively evaluated | 735,992 | 161,124 | ||
Total loans | 759,137 | 136,926 | 164,893 | |
Less ALLL | 1,610 | 1,593 | 1,778 | |
Net loans | 757,527 | 135,333 | 163,115 | |
Acquired | Retail & other | ||||
ALLL: | ||||
Ending balance | 13 | 11 | 10 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 5,709 | 347 | ||
Total loans | 5,709 | 162 | 347 | |
Less ALLL | 13 | 11 | 10 | |
Net loans | 5,696 | 337 | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Ending balance | 587 | 687 | ||
Loans: | ||||
Individually evaluated | 967 | 1 | ||
Collectively evaluated | 120,609 | 16,567 | ||
Total loans | 121,576 | 16,568 | ||
Less ALLL | 587 | 687 | ||
Net loans | 120,989 | 15,881 | ||
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Ending balance | 376 | 396 | ||
Loans: | ||||
Individually evaluated | 3,213 | 697 | ||
Collectively evaluated | 193,142 | 37,031 | ||
Total loans | 196,355 | 37,728 | ||
Less ALLL | 376 | 396 | ||
Net loans | 195,979 | 37,332 | ||
Acquired | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Ending balance | 14 | 14 | 12 | |
Loans: | ||||
Individually evaluated | 64 | 38 | ||
Collectively evaluated | 25,480 | 9,107 | ||
Total loans | 25,544 | 8,169 | 9,145 | |
Less ALLL | 14 | 14 | 12 | |
Net loans | 25,530 | 9,133 | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Ending balance | 75 | 81 | 85 | |
Loans: | ||||
Individually evaluated | 252 | 403 | ||
Collectively evaluated | 26,690 | 19,913 | ||
Total loans | 26,942 | 17,808 | 20,316 | |
Less ALLL | 75 | 81 | 85 | |
Net loans | 26,867 | 20,231 | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Ending balance | 143 | 139 | 161 | |
Loans: | ||||
Individually evaluated | 14,595 | 1,050 | ||
Collectively evaluated | 119,837 | 25,225 | ||
Total loans | 134,432 | 19,762 | 26,275 | |
Less ALLL | 143 | 139 | 161 | |
Net loans | 134,289 | 26,114 | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Ending balance | 73 | 65 | 72 | |
Loans: | ||||
Individually evaluated | 1,074 | 709 | ||
Collectively evaluated | 34,883 | 9,016 | ||
Total loans | 35,957 | 9,544 | 9,725 | |
Less ALLL | 73 | 65 | 72 | |
Net loans | 35,884 | 9,653 | ||
Acquired | Residential | First mortgage | ||||
ALLL: | ||||
Ending balance | 237 | 253 | 274 | |
Loans: | ||||
Individually evaluated | 2,482 | 723 | ||
Collectively evaluated | 152,818 | 36,262 | ||
Total loans | 155,300 | 32,285 | 36,985 | |
Less ALLL | 237 | 253 | 274 | |
Net loans | 155,063 | 36,711 | ||
Acquired | Residential | Junior mortgage | ||||
ALLL: | ||||
Ending balance | 70 | 78 | 81 | |
Loans: | ||||
Individually evaluated | 185 | 148 | ||
Collectively evaluated | 51,094 | 7,656 | ||
Total loans | 51,279 | 7,078 | 7,804 | |
Less ALLL | 70 | 78 | 81 | |
Net loans | 51,209 | 7,723 | ||
Acquired | Residential | Residential construction | ||||
ALLL: | ||||
Ending balance | 22 | |||
Loans: | ||||
Individually evaluated | 313 | |||
Collectively evaluated | 5,730 | |||
Total loans | 6,043 | |||
Less ALLL | 22 | |||
Net loans | $ 6,021 |
Loans, Allowance for Loan Los48
Loans, Allowance for Loan Losses, and Credit Quality - Nonaccrual loans by portfolio segment (Details 3) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 24,282 | $ 3,533 |
% to Non Accrual Total | 100.00% | 100.00% |
Retail & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,419 | $ 204 |
% to Non Accrual Total | 5.80% | 5.80% |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 3,906 | $ 951 |
% to Non Accrual Total | 16.10% | 26.90% |
Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 35 | $ 13 |
% to Non Accrual Total | 0.10% | 0.40% |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 219 | $ 230 |
% to Non Accrual Total | 0.90% | 6.50% |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 14,343 | $ 1,040 |
% to Non Accrual Total | 59.10% | 29.40% |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,074 | $ 280 |
% to Non Accrual Total | 4.40% | 7.90% |
Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2,755 | $ 674 |
% to Non Accrual Total | 11.30% | 19.10% |
Residential | Junior mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 218 | $ 141 |
% to Non Accrual Total | 1.00% | 4.00% |
Residential | Residential construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 313 | |
% to Non Accrual Total | 1.30% | |
Originated | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,351 | $ 581 |
% to Non Accrual Total | 100.00% | 100.00% |
Originated | Retail & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 447 | $ 49 |
% to Non Accrual Total | 33.10% | 8.40% |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 666 | |
% to Non Accrual Total | 49.30% | |
Originated | Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 10 | $ 13 |
% to Non Accrual Total | 0.70% | 2.20% |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 387 | |
% to Non Accrual Total | 66.70% | |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 228 | $ 132 |
% to Non Accrual Total | 16.90% | 22.70% |
Originated | Residential | Junior mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Residential | Residential construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Acquired | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 22,931 | $ 2,952 |
% to Non Accrual Total | 100.00% | 100.00% |
Acquired | Retail & other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 972 | $ 155 |
% to Non Accrual Total | 4.20% | 5.30% |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 3,240 | $ 951 |
% to Non Accrual Total | 14.10% | 32.10% |
Acquired | Commercial Portfolio Segment | AG Production | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 25 | |
% 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 | $ 219 | $ 230 |
% to Non Accrual Total | 1.00% | 7.80% |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 14,343 | $ 653 |
% to Non Accrual Total | 62.50% | 22.10% |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 1,074 | $ 280 |
% to Non Accrual Total | 4.70% | 9.50% |
Acquired | Residential | First mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 2,527 | $ 542 |
% to Non Accrual Total | 11.00% | 18.40% |
Acquired | Residential | Junior mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 218 | $ 141 |
% to Non Accrual Total | 1.00% | 4.80% |
Acquired | Residential | Residential construction | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans | $ 313 | |
% to Non Accrual Total | 1.40% |
Loans, Allowance for Loan Los49
Loans, Allowance for Loan Losses, and Credit Quality - Summary of loans by past due status (Details 4) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 1,535,731 | $ 873,290 | |
Total loans | $ 1,560,557 | $ 877,061 | $ 883,302 |
As a percent of current loans | 98.30% | 99.50% | |
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 | $ 544 | $ 238 | |
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 | $ 24,282 | $ 3,533 | |
Financing receivable, percent past due | 1.60% | 0.40% | |
Retail & other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | $ 14,191 | $ 6,501 | |
Total loans | 14,205 | 6,513 | 5,691 |
Retail & other | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 14 | 12 | |
Retail & other | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | |||
Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 425,643 | 294,165 | |
Total loans | 427,093 | 294,419 | |
Commercial Portfolio Segment | Commercial & industrial | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 31 | 50 | |
Commercial Portfolio Segment | Commercial & industrial | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 1,419 | 204 | |
Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 355,378 | 184,334 | |
Total loans | 359,401 | 185,285 | |
Commercial Portfolio Segment | Owner-occupied CRE | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 117 | ||
Commercial Portfolio Segment | Owner-occupied CRE | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 3,906 | 951 | |
Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 32,611 | 14,989 | |
Total loans | 32,646 | 15,018 | 14,432 |
Commercial Portfolio Segment | AG Production | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 16 | ||
Commercial Portfolio Segment | AG Production | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 35 | 13 | |
Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 52,786 | 43,042 | |
Total loans | 53,005 | 43,272 | 40,783 |
Commercial Real Estate Portfolio Segment | AG real estate | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | |||
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 | 219 | 230 | |
Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 67,883 | 36,495 | |
Total loans | 68,957 | 36,775 | 38,387 |
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 | |||
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 | 1,074 | 280 | |
Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 185,242 | 77,671 | |
Total loans | 199,585 | 78,711 | 82,486 |
Commercial Real Estate Portfolio Segment | CRE investment | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | |||
Commercial Real Estate Portfolio Segment | CRE investment | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 14,343 | 1,040 | |
Residential | First mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 284,617 | 153,834 | |
Total loans | 287,722 | 154,658 | 153,857 |
Residential | First mortgage | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 350 | 150 | |
Residential | First mortgage | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 2,755 | 674 | |
Residential | Junior mortgage | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 97,259 | 51,816 | |
Total loans | 97,509 | 51,967 | 52,433 |
Residential | Junior mortgage | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 32 | 10 | |
Residential | Junior mortgage | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | 218 | 141 | |
Residential | Residential construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Current | 20,121 | 10,443 | |
Total loans | 20,434 | 10,443 | $ 10,321 |
Residential | Residential construction | 30-89 Days Past Due (accruing) | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | |||
Residential | Residential construction | 90 Days & Over or non-accrual | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past Due loans | $ 313 |
Loans, Allowance for Loan Los50
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 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 1,560,557 | $ 877,061 | $ 883,302 |
As a percent of total loans | 100.00% | 100.00% | |
Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 1,463,577 | $ 834,236 | |
As a percent of total loans | 93.80% | 95.00% | |
Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 53,982 | $ 26,901 | |
As a percent of total loans | 3.50% | 3.10% | |
Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 6,692 | $ 3,200 | |
As a percent of total loans | 0.40% | 0.40% | |
Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 36,306 | $ 12,724 | |
As a percent of total loans | 2.30% | 1.50% | |
Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
As a percent of total loans | |||
Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
As a percent of total loans | |||
Retail & other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | $ 14,205 | $ 6,513 | 5,691 |
Retail & other | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 14,205 | 6,513 | |
Retail & other | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Retail & other | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Retail & other | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Retail & other | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Retail & other | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 427,093 | 294,419 | 309,103 |
Commercial Portfolio Segment | Commercial & industrial | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 392,681 | 278,118 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 23,015 | 9,267 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,364 | 2,490 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 7,033 | 4,544 | |
Commercial Portfolio Segment | Commercial & industrial | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | Commercial & industrial | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 359,401 | 185,285 | 175,809 |
Commercial Portfolio Segment | Owner-occupied CRE | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 333,610 | 176,371 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 18,598 | 5,072 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 599 | 253 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 6,594 | 3,589 | |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | Owner-occupied CRE | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 32,646 | 15,018 | 14,432 |
Commercial Portfolio Segment | AG Production | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 31,311 | 13,238 | |
Commercial Portfolio Segment | AG Production | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 699 | 1,765 | |
Commercial Portfolio Segment | AG Production | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 76 | ||
Commercial Portfolio Segment | AG Production | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 560 | 15 | |
Commercial Portfolio Segment | AG Production | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Portfolio Segment | AG Production | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 53,005 | 43,272 | 40,783 |
Commercial Real Estate Portfolio Segment | AG real estate | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 51,650 | 39,958 | |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 472 | 2,600 | |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | AG real estate | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 883 | 714 | |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | AG real estate | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 199,585 | 78,711 | 82,486 |
Commercial Real Estate Portfolio Segment | CRE investment | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 178,399 | 74,778 | |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,306 | 2,020 | |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,364 | ||
Commercial Real Estate Portfolio Segment | CRE investment | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 15,516 | 1,913 | |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | CRE investment | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 68,957 | 36,775 | 38,387 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 63,009 | 31,897 | |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 4,661 | 4,598 | |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,287 | 280 | |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | First mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 287,722 | 154,658 | 153,857 |
Residential | First mortgage | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 281,875 | 151,835 | |
Residential | First mortgage | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 1,791 | 860 | |
Residential | First mortgage | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 196 | 457 | |
Residential | First mortgage | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 3,860 | 1,506 | |
Residential | First mortgage | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | First mortgage | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | Junior mortgage | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 97,509 | 51,967 | 52,433 |
Residential | Junior mortgage | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 97,156 | 51,736 | |
Residential | Junior mortgage | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 68 | ||
Residential | Junior mortgage | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 93 | ||
Residential | Junior mortgage | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 260 | 163 | |
Residential | Junior mortgage | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | Junior mortgage | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | Residential construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 20,434 | 10,443 | $ 10,321 |
Residential | Residential construction | Grades 1-4 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 19,681 | 9,792 | |
Residential | Residential construction | Grade 5 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 440 | 651 | |
Residential | Residential construction | Grade 6 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | Residential construction | Grade 7 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | 313 | ||
Residential | Residential construction | Grade 8 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans | |||
Residential | Residential construction | Grade 9 | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total loans |
Loans, Allowance for Loan Los51
Loans, Allowance for Loan Losses, and Credit Quality - Summary of information pertaining to impaired loans (Details 6) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | $ 24,208 | $ 3,566 | |
Total: Unpaid Principal Balance | 41,935 | 7,795 | |
Related Allowance | 119 | ||
Average Recorded Investment | 24,080 | 3,948 | |
Interest Income Recognized | 1,133 | 475 | |
Retail & other | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | 42 | 12 | |
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | 3 | 1 | |
Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 1,407 | 142 | |
Total: Unpaid Principal Balance | 2,713 | 142 | |
Related Allowance | |||
Average Recorded Investment | 1,406 | 144 | |
Interest Income Recognized | 88 | 10 | |
Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 3,836 | 950 | |
Total: Unpaid Principal Balance | 6,014 | 1,688 | |
Related Allowance | 119 | [1] | |
Average Recorded Investment | 3,654 | 1,111 | |
Interest Income Recognized | 181 | 135 | |
Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 64 | 39 | |
Total: Unpaid Principal Balance | 201 | 53 | |
Related Allowance | |||
Average Recorded Investment | 64 | 38 | |
Interest Income Recognized | 8 | 4 | |
Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 252 | 252 | |
Total: Unpaid Principal Balance | 345 | 348 | |
Related Allowance | |||
Average Recorded Investment | 248 | 260 | |
Interest Income Recognized | 13 | 27 | |
Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 14,595 | 1,301 | |
Total: Unpaid Principal Balance | 23,148 | 3,109 | |
Related Allowance | |||
Average Recorded Investment | 14,635 | 1,432 | |
Interest Income Recognized | 597 | 175 | |
Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 1,074 | 280 | |
Total: Unpaid Principal Balance | 3,035 | 822 | |
Related Allowance | |||
Average Recorded Investment | 1,077 | 301 | |
Interest Income Recognized | 57 | 18 | |
Residential | First mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 2,482 | 460 | |
Total: Unpaid Principal Balance | 4,329 | 1,150 | |
Related Allowance | |||
Average Recorded Investment | 2,495 | 515 | |
Interest Income Recognized | 119 | 79 | |
Residential | Junior mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 185 | 142 | |
Total: Unpaid Principal Balance | 708 | 471 | |
Related Allowance | |||
Average Recorded Investment | 188 | 147 | |
Interest Income Recognized | 28 | 26 | |
Residential | Residential construction | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 313 | ||
Total: Unpaid Principal Balance | 1,400 | ||
Related Allowance | |||
Average Recorded Investment | 313 | ||
Interest Income Recognized | 39 | ||
Originated | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 1,063 | 387 | |
Total: Unpaid Principal Balance | 1,063 | 387 | |
Related Allowance | 119 | ||
Average Recorded Investment | 852 | 387 | |
Interest Income Recognized | 31 | 29 | |
Originated | Retail & other | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 440 | ||
Total: Unpaid Principal Balance | 440 | ||
Related Allowance | |||
Average Recorded Investment | 437 | ||
Interest Income Recognized | 25 | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 623 | ||
Total: Unpaid Principal Balance | 623 | ||
Related Allowance | 119 | ||
Average Recorded Investment | 415 | ||
Interest Income Recognized | 6 | ||
Originated | Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 387 | ||
Total: Unpaid Principal Balance | 387 | ||
Related Allowance | |||
Average Recorded Investment | 387 | ||
Interest Income Recognized | 29 | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Residential | First mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Residential | Junior mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Originated | Residential | Residential construction | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | |||
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | |||
Acquired | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 23,145 | 3,179 | |
Total: Unpaid Principal Balance | 40,872 | 7,408 | |
Related Allowance | |||
Average Recorded Investment | 23,228 | 3,561 | |
Interest Income Recognized | 1,102 | 446 | |
Acquired | Retail & other | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | |||
Total: Unpaid Principal Balance | 42 | 12 | |
Related Allowance | |||
Average Recorded Investment | |||
Interest Income Recognized | 3 | 1 | |
Acquired | Commercial Portfolio Segment | Commercial & industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 967 | 142 | |
Total: Unpaid Principal Balance | 2,273 | 142 | |
Related Allowance | |||
Average Recorded Investment | 969 | 144 | |
Interest Income Recognized | 63 | 10 | |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 3,213 | 950 | |
Total: Unpaid Principal Balance | 5,391 | 1,688 | |
Related Allowance | |||
Average Recorded Investment | 3,239 | 1,111 | |
Interest Income Recognized | 175 | 135 | |
Acquired | Commercial Portfolio Segment | AG Production | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 64 | 39 | |
Total: Unpaid Principal Balance | 201 | 53 | |
Related Allowance | |||
Average Recorded Investment | 64 | 38 | |
Interest Income Recognized | 8 | 4 | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 252 | 252 | |
Total: Unpaid Principal Balance | 345 | 348 | |
Related Allowance | |||
Average Recorded Investment | 248 | 260 | |
Interest Income Recognized | 13 | 27 | |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 14,595 | 914 | |
Total: Unpaid Principal Balance | 23,148 | 2,722 | |
Related Allowance | |||
Average Recorded Investment | 14,635 | 1,045 | |
Interest Income Recognized | 597 | 146 | |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 1,074 | 280 | |
Total: Unpaid Principal Balance | 3,035 | 822 | |
Related Allowance | |||
Average Recorded Investment | 1,077 | 301 | |
Interest Income Recognized | 57 | 18 | |
Acquired | Residential | First mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 2,482 | 460 | |
Total: Unpaid Principal Balance | 4,329 | 1,150 | |
Related Allowance | |||
Average Recorded Investment | 2,495 | 515 | |
Interest Income Recognized | 119 | 79 | |
Acquired | Residential | Junior mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 185 | 142 | |
Total: Unpaid Principal Balance | 708 | 471 | |
Related Allowance | |||
Average Recorded Investment | 188 | 147 | |
Interest Income Recognized | 28 | 26 | |
Acquired | Residential | Residential construction | |||
Financing Receivable, Impaired [Line Items] | |||
Total: Recorded Investment | 313 | ||
Total: Unpaid Principal Balance | 1,400 | ||
Related Allowance | |||
Average Recorded Investment | 313 | ||
Interest Income Recognized | $ 39 | ||
[1] | One owner-occupied CRE loan with a balance of $0.6 million had a specific reserve of $119,000. No other loans had a related allowance at June 30, 2016 and, therefore, the above disclosure was not expanded to include loans with and without a related allowance. |
Loans, Allowance for Loan Los52
Loans, Allowance for Loan Losses, and Credit Quality (Detail Textuals) | 6 Months Ended | |||
Jun. 30, 2016USD ($)Loan | Apr. 29, 2016USD ($) | Dec. 31, 2015USD ($) | ||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | $ 24,208,000 | $ 3,566,000 | ||
PCI impaired loans | 21,800,000 | |||
PCI acquired loans subsequently become impaired | 1,300,000 | |||
Premodification balance | 563,000 | |||
Specific reserve allocation | 119,000 | |||
Minimum | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 250,000 | |||
Commercial Portfolio Segment | Owner-occupied CRE | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | $ 3,836,000 | 950,000 | ||
Number of loans classified as troubled debt restructuring | Loan | 8 | |||
Total troubled debt restructuring loan | $ 563,000 | |||
Troubled debt restructuring premodification balance | $ 703,000 | |||
Number of commercial real estate loan | Loan | 1 | |||
Premodification balance | $ 600,000 | |||
Specific reserve allocation | 119,000 | [1] | ||
Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 23,145,000 | 3,179,000 | ||
Specific reserve allocation | ||||
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Impaired loans non accrual credit | 3,213,000 | 950,000 | ||
Specific reserve allocation | ||||
Baylake Corp. ("Baylake") | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
PCI loans acquired fair value | $ 20,800,000 | |||
Nonaccretable mark | 12,900,000 | |||
Baylake Corp. ("Baylake") | Acquired | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
PCI loans acquired fair value | 37,500,000 | |||
Nonaccretable mark | 25,100,000 | |||
Accretable mark | $ 0 | |||
[1] | One owner-occupied CRE loan with a balance of $0.6 million had a specific reserve of $119,000. No other loans had a related allowance at June 30, 2016 and, therefore, the above disclosure was not expanded to include loans with and without a related allowance. |
Goodwill and Intangible Asset53
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 25,345 | $ 8,086 |
Accumulated amortization | (6,104) | (5,055) |
Net book value | 19,241 | 3,031 |
Additions during the period | 17,259 | |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 4,363 | |
Accumulated amortization | (76) | |
Net book value | 4,287 | |
Additions during the period | $ 4,363 |
Goodwill and Intangible Asset54
Goodwill and Intangible Assets (Details 1) - Mortgage Servicing Rights - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | ||
Mortgage servicing rights (MSR) asset: | |||
MSR asset at beginning of year | $ 193 | ||
Additions during the period | [1] | 1,075 | $ 201 |
Amortization during the period | (46) | (8) | |
Valuation allowance at end of period | |||
Net book value at end of period | 1,222 | 193 | |
Purchased MSR asset included in period | 885 | ||
Fair value of MSR asset at end of period | 1,360 | 249 | |
Residential mortgage loans serviced for others | $ 213,782 | $ 34,940 | |
[1] | Purchased MSR asset included in period |
Goodwill and Intangible Asset55
Goodwill and Intangible Assets (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Core deposit intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 (remaining six months) | $ 2,140 | |
2,017 | 3,805 | |
2,018 | 3,254 | |
2,019 | 2,762 | |
2,020 | 2,156 | |
Thereafter | 5,124 | |
Net book value | 19,241 | $ 3,031 |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 (remaining six months) | 193 | |
2,017 | 385 | |
2,018 | 385 | |
2,019 | 385 | |
2,020 | 385 | |
Thereafter | 2,554 | |
Net book value | 4,287 | |
MSR asset | ||
Finite-Lived Intangible Assets [Line Items] | ||
2016 (remaining six months) | 105 | |
2,017 | 209 | |
2,018 | 209 | |
2,019 | 209 | |
2,020 | 159 | |
Thereafter | 331 | |
Net book value | $ 1,222 | $ 193 |
Goodwill and Intangible Asset56
Goodwill and Intangible Assets (Detail Texuals) | 6 Months Ended |
Jun. 30, 2016 | |
Core deposit intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible asset useful life | 10 years |
Amortization method used | accelerated basis |
Other intangibles | |
Finite-Lived Intangible Assets [Line Items] | |
Finite lived intangible asset useful life | 12 years |
Amortization method used | straight-line basis |
Goodwill and Intangible Asset57
Goodwill and Intangible Assets (Detail Textuals 1) - Goodwill - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Indefinite-lived Intangible Assets [Line Items] | ||
Carrying amount of goodwill | $ 66.7 | $ 0.8 |
Additions to carrying amount related to acquisition | 0.4 | |
Goodwill related to the Baylake merger | $ 65.5 |
Goodwill and Intangible Asset58
Goodwill and Intangible Assets (Detail Textuals 2) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Amortization during the period | $ 874 | $ 260 | $ 1,123 | $ 535 | |
Core deposit intangibles | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Addition to the gross carrying amount | 17,259 | ||||
Amortization during the period | 800 | 300 | 1,000 | 500 | |
Other intangibles | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Addition to the gross carrying amount | 4,363 | ||||
Amortization during the period | $ 70 | $ 0 | $ 70 | $ 0 |
Notes Payable - Information reg
Notes Payable - Information regarding notes payable (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Debt Type [Line Items] | ||
Notes payable | $ 6,000 | $ 15,412 |
Joint venture note | ||
Debt Type [Line Items] | ||
Notes payable | 9,412 | |
Federal Home Loan Bank ("FHLB") advances | ||
Debt Type [Line Items] | ||
Notes payable | $ 6,000 | $ 6,000 |
Notes Payable - Summary of matu
Notes Payable - Summary of maturity of notes payable (Details 1) - Notes Payable $ in Thousands | Jun. 30, 2016USD ($) |
Debt Type [Line Items] | |
2,016 | $ 5,000 |
2,017 | |
2,018 | 1,000 |
Long term debt, total | $ 6,000 |
Notes Payable (Detail Textuals)
Notes Payable (Detail Textuals) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Joint venture note | ||
Debt Type [Line Items] | ||
Fixed rate on notes secured by building | 5.81% | |
Federal Home Loan Bank ("FHLB") advances | Weighted Average | ||
Debt Type [Line Items] | ||
Weighted average rate of FHLB advances | 0.83% | 0.83% |
FHLB advances collateralized pledged | $ 146.2 | $ 154.3 |
Notes Payable (Detail Textuals
Notes Payable (Detail Textuals 1) - Line of credit - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
Borrowing capacity | $ 10,000,000 | |
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 Debentures
Junior Subordinated Debentures (Detail Textuals) - USD ($) $ in Thousands | 1 Months Ended | ||
Jul. 31, 2004 | Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Type [Line Items] | |||
Junior subordinated debentures | $ 6,200 | $ 24,514 | $ 12,527 |
Subordinated debentures, fixed rate | 8.00% | ||
Maturity date of the debenture, if not redeemed | Jul. 15, 2034 | ||
Nicolet Bankshares Statutory Trust I | |||
Debt Type [Line Items] | |||
Junior subordinated debentures | $ 6,000 |
Junior Subordinated Debenture64
Junior Subordinated Debentures (Detail Textuals 1) - USD ($) $ in Thousands | 1 Months Ended | ||||
Apr. 29, 2016 | Apr. 30, 2013 | Jun. 30, 2016 | Dec. 31, 2015 | Jul. 31, 2004 | |
Debt Instrument [Line Items] | |||||
Junior subordinated debentures | $ 24,514 | $ 12,527 | $ 6,200 | ||
Mid-Wisconsin | |||||
Debt Instrument [Line Items] | |||||
Junior subordinated debentures | $ 10,300 | 6,400 | |||
Trust preferred securities issued during period | $ 10,000 | ||||
Base rate, description | three-month LIBOR plus 1.43% | ||||
Basis spread | 1.43% | ||||
Debentures, description | The debentures may be called at par in part or in full, on or after December 15, 2010 or within 120 days of certain events. | ||||
Fair value of debentures | $ 5,800 | ||||
Maturity date of trust preferred securities and debentures | Dec. 15, 2035 | ||||
Mid-Wisconsin | Trust preferred securities | |||||
Debt Instrument [Line Items] | |||||
Carrying value of trust preferred securities | 6,100 | ||||
Baylake Corp. ("Baylake") | |||||
Debt Instrument [Line Items] | |||||
Junior subordinated debentures | $ 16,600 | 11,900 | |||
Trust preferred securities issued during period | $ 16,100 | ||||
Base rate, description | three-month LIBOR plus 1.35% | ||||
Basis spread | 1.35% | ||||
Debentures, description | The debentures may be redeemed on any interest payment date at par in part or in full, on or after June 30, 2011. | ||||
Fair value of debentures | $ 11,800 | ||||
Maturity date of trust preferred securities and debentures | Jun. 30, 2036 | ||||
Baylake Corp. ("Baylake") | Trust preferred securities | |||||
Debt Instrument [Line Items] | |||||
Carrying value of trust preferred securities | $ 11,400 |
Subordinated Notes (Detail Text
Subordinated Notes (Detail Textuals) - Subordinated Notes - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Principal amount of subordinated notes | $ 12 | |
Subordinated notes, maturity period | 10 years | |
Subordinate notes interest rate | 5.00% | |
Debt issuance cost | $ 0.2 | |
Debt issuance costs amortization description | The $0.2 million 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 | $ 0.1 | $ 0.2 |
Fair Value Measurements - Measu
Fair Value Measurements - Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 371,387 | $ 172,596 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 371,387 | 172,596 |
Fair Value Measurements Using Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,097 | 4,677 |
Fair Value Measurements Using Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 360,815 | 166,253 |
Fair Value Measurements Using Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,475 | 1,666 |
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 | 371,387 | 172,596 |
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 | 2,500 | 294 |
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 | 186,933 | 105,021 |
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 | 168,265 | 61,464 |
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 | 10,592 | 1,140 |
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 | 3,097 | 4,677 |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,097 | 4,677 |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 1 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 1 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | 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 | 3,097 | 4,677 |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 360,815 | 166,253 |
Measured at Fair Value on a Recurring Basis | 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 | 2,500 | 294 |
Measured at Fair Value on a Recurring Basis | 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 | 186,407 | 104,495 |
Measured at Fair Value on a Recurring Basis | 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 | 168,182 | 61,464 |
Measured at Fair Value on a Recurring Basis | 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 | 3,726 | |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 7,475 | 1,666 |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 3 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | ||
Measured at Fair Value on a Recurring Basis | 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 | 526 | 526 |
Measured at Fair Value on a Recurring Basis | 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 | 83 | |
Measured at Fair Value on a Recurring Basis | 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 | 6,866 | 1,140 |
Measured at Fair Value on a Recurring Basis | Fair Value Measurements Using Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale |
Fair Value Measurements - Mea67
Fair Value Measurements - Measured at Fair Value on Nonrecurring Basis (Details 1) - Measured at Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Total | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 24,089 | $ 3,566 |
Total | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 3,017 | 367 |
Fair Value Measurements Using Level 1 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Fair Value Measurements Using Level 1 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Fair Value Measurements Using Level 2 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Fair Value Measurements Using Level 2 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
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 | 24,089 | 3,566 |
Fair Value Measurements Using Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 3,017 | $ 367 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of carrying amounts and estimated fair values of financial instruments (Details 2) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities AFS | $ 371,387 | $ 172,596 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 101,863 | 83,619 |
Certificates of deposit in other banks | 4,926 | 3,416 |
Securities AFS | 371,387 | 172,596 |
Other investments | 14,637 | 8,135 |
Loans held for sale | 6,890 | 4,680 |
Loans, net | 1,549,610 | 866,754 |
BOLI | 33,412 | 28,475 |
MSR asset | 1,222 | |
Financial liabilities: | ||
Deposits | 1,894,235 | 1,056,417 |
Short-term borrowings | 11,170 | |
Notes payable | 6,000 | 15,412 |
Junior subordinated debentures | 24,514 | 12,527 |
Subordinated notes | 11,867 | 11,849 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 101,863 | 83,619 |
Certificates of deposit in other banks | 4,702 | 3,416 |
Securities AFS | 371,387 | 172,596 |
Other investments | 14,637 | 8,135 |
Loans held for sale | 6,993 | 4,755 |
Loans, net | 1,558,560 | 865,027 |
BOLI | 33,412 | 28,475 |
MSR asset | 1,360 | |
Financial liabilities: | ||
Deposits | 1,896,084 | 1,057,614 |
Short-term borrowings | 11,170 | |
Notes payable | 6,010 | 18,354 |
Junior subordinated debentures | 23,882 | 11,900 |
Subordinated notes | 11,423 | 11,414 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 101,863 | 83,619 |
Certificates of deposit in other banks | ||
Securities AFS | 3,097 | 4,677 |
Other investments | ||
Loans held for sale | ||
Loans, net | ||
BOLI | 33,412 | 28,475 |
MSR asset | ||
Financial liabilities: | ||
Deposits | ||
Short-term borrowings | ||
Notes payable | ||
Junior subordinated debentures | ||
Subordinated notes | ||
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | ||
Certificates of deposit in other banks | 4,702 | 3,416 |
Securities AFS | 360,815 | 166,253 |
Other investments | 2,218 | 5,995 |
Loans held for sale | 6,993 | 4,755 |
Loans, net | ||
BOLI | ||
MSR asset | ||
Financial liabilities: | ||
Deposits | ||
Short-term borrowings | ||
Notes payable | 6,010 | 18,354 |
Junior subordinated debentures | ||
Subordinated notes | ||
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | ||
Certificates of deposit in other banks | ||
Securities AFS | 7,475 | 1,666 |
Other investments | 12,419 | 2,140 |
Loans held for sale | ||
Loans, net | 1,558,560 | 865,027 |
BOLI | ||
MSR asset | 1,360 | |
Financial liabilities: | ||
Deposits | 1,896,084 | 1,057,614 |
Short-term borrowings | 11,170 | |
Notes payable | ||
Junior subordinated debentures | 23,882 | 11,900 |
Subordinated notes | $ 11,423 | $ 11,414 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail Textuals) $ in Millions | 1 Months Ended | 3 Months Ended |
Apr. 30, 2016USD ($)shares | Mar. 31, 2016USD ($)shares | |
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ||
Number of securities purchased classified as level 3 | shares | 1 | |
Security purchased classified as Level 3 | $ | $ 0.6 | |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items] | ||
Number of securities purchased classified as level 3 | shares | 2 | |
Security purchased classified as Level 3 | $ | $ 5.2 |