Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | NICOLET BANKSHARES INC | ||
Entity Central Index Key | 1,174,850 | ||
Trading Symbol | nico | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 8,588,634 | ||
Entity Public Float | $ 284.9 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 68,056 | $ 11,947 |
Interest-earning deposits | 60,320 | 70,755 |
Federal funds sold | 727 | 917 |
Cash and cash equivalents | 129,103 | 83,619 |
Certificates of deposit in other banks | 3,984 | 3,416 |
Securities available for sale ("AFS") | 365,287 | 172,596 |
Other investments | 17,499 | 8,135 |
Loans held for sale | 6,913 | 4,680 |
Loans | 1,568,907 | 877,061 |
Allowance for loan losses | (11,820) | (10,307) |
Loans, net | 1,557,087 | 866,754 |
Premises and equipment, net | 45,862 | 29,613 |
Bank owned life insurance ("BOLI") | 54,134 | 28,475 |
Goodwill and other intangibles | 87,938 | 3,793 |
Accrued interest receivable and other assets | 33,072 | 13,358 |
Total assets | 2,300,879 | 1,214,439 |
Liabilities: | ||
Demand | 482,300 | 226,554 |
Money market and NOW accounts | 964,509 | 486,677 |
Savings | 221,282 | 136,733 |
Time | 301,895 | 206,453 |
Total deposits | 1,969,986 | 1,056,417 |
Notes payable | 1,000 | 15,412 |
Junior subordinated debentures | 24,732 | 12,527 |
Subordinated notes | 11,885 | 11,849 |
Accrued interest payable and other liabilities | 16,911 | 8,547 |
Total liabilities | 2,024,514 | 1,104,752 |
Stockholders' Equity: | ||
Preferred equity | 12,200 | |
Common stock | 86 | 42 |
Additional paid-in capital | 209,700 | 45,220 |
Retained earnings | 68,888 | 51,059 |
Accumulated other comprehensive income (loss) | (2,727) | 980 |
Total Nicolet Bankshares, Inc. stockholders' equity | 275,947 | 109,501 |
Noncontrolling interest | 418 | 186 |
Total stockholders' equity and noncontrolling interest | 276,365 | 109,687 |
Total liabilities, noncontrolling interest and stockholders' equity | $ 2,300,879 | $ 1,214,439 |
Preferred shares authorized (no par value) | 10,000,000 | 10,000,000 |
Preferred shares issued and outstanding | 12,200 | |
Common shares authorized (par value $0.01 per share) | 30,000,000 | 30,000,000 |
Common shares outstanding | 8,553,292 | 4,154,377 |
Common shares issued | 8,596,241 | 4,191,067 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 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 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income: | |||
Loans, including loan fees | $ 69,425 | $ 45,638 | $ 46,081 |
Investment securities: | |||
Taxable | 3,029 | 1,460 | 1,606 |
Non-taxable | 1,686 | 1,056 | 793 |
Other interest income | 1,327 | 443 | 469 |
Total interest income | 75,467 | 48,597 | 48,949 |
Interest expense: | |||
Money market and NOW accounts | 2,385 | 2,260 | 2,275 |
Savings and time deposits | 2,759 | 2,930 | 3,067 |
Notes payable | 239 | 648 | 850 |
Junior subordinated debentures | 1,315 | 881 | 875 |
Subordinated notes | 636 | 494 | |
Total interest expense | 7,334 | 7,213 | 7,067 |
Net interest income | 68,133 | 41,384 | 41,882 |
Provision for loan losses | 1,800 | 1,800 | 2,700 |
Net interest income after provision for loan losses | 66,333 | 39,584 | 39,182 |
Noninterest income: | |||
Service charges on deposit accounts | 3,571 | 2,348 | 2,128 |
Mortgage income, net | 5,494 | 3,258 | 1,926 |
Trust services fee income | 5,435 | 4,822 | 4,569 |
Brokerage fee income | 3,624 | 670 | 631 |
Bank owned life insurance | 1,284 | 996 | 933 |
Rent income | 1,090 | 1,156 | 1,239 |
Investment advisory fees | 452 | 408 | 440 |
Gain on sale or write-down of assets, net | 54 | 1,726 | 539 |
Other income | 5,670 | 2,324 | 1,780 |
Total noninterest income | 26,674 | 17,708 | 14,185 |
Noninterest expense: | |||
Personnel | 34,030 | 22,523 | 21,472 |
Occupancy, equipment and office | 10,276 | 6,928 | 7,086 |
Business development and marketing | 3,488 | 2,244 | 2,267 |
Data processing | 6,370 | 3,565 | 3,178 |
FDIC assessments | 911 | 615 | 715 |
Intangibles amortization | 3,458 | 1,027 | 1,209 |
Other expense | 6,409 | 2,746 | 2,782 |
Total noninterest expense | 64,942 | 39,648 | 38,709 |
Income before income tax expense | 28,065 | 17,644 | 14,658 |
Income tax expense | 9,371 | 6,089 | 4,607 |
Net income | 18,694 | 11,555 | 10,051 |
Less: Net income attributable to noncontrolling interest | 232 | 127 | 102 |
Net income attributable to Nicolet Bankshares, Inc. | 18,462 | 11,428 | 9,949 |
Less: Preferred stock dividends and discount accretion | 633 | 212 | 244 |
Net income available to common shareholders | $ 17,829 | $ 11,216 | $ 9,705 |
Basic earnings per common share (in dollars per share) | $ 2.49 | $ 2.80 | $ 2.33 |
Diluted earnings per common share (in dollars per share) | $ 2.37 | $ 2.57 | $ 2.25 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 7,158,367 | 4,003,988 | 4,165,254 |
Diluted (in shares) | 7,513,971 | 4,362,213 | 4,311,347 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Other Comprehensive Income [Abstract] | |||
Net income | $ 18,694 | $ 11,555 | $ 10,051 |
Unrealized gains (losses) on securities AFS: | |||
Net unrealized holding gains (losses) arising during the period | (5,999) | 540 | 939 |
Reclassification adjustment for net gains included in net income | (78) | (625) | (341) |
Income tax benefit (expense) | 2,370 | 34 | (233) |
Total other comprehensive income (loss) | (3,707) | (51) | 365 |
Comprehensive income | $ 14,987 | $ 11,504 | $ 10,416 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Preferred Equity | Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income(Loss) | Non-controlling Interest | Total |
Balance at Dec. 31, 2013 | $ 24,400 | $ 42 | $ 49,616 | $ 30,138 | $ 666 | $ 17 | $ 104,879 |
Comprehensive income: | |||||||
Net income | 9,949 | 102 | 10,051 | ||||
Other comprehensive income (loss) | 365 | 365 | |||||
Stock compensation expense | 959 | 959 | |||||
Exercise of stock options, net, including income tax benefit of $42, $175 and $335 for December 31, 2014; December 31, 2015 and December 31, 2016 respectively | 633 | 633 | |||||
Issuance of common stock | 254 | 254 | |||||
Purchase and retirement of common stock | (1) | (5,769) | (5,770) | ||||
Preferred stock dividends | (244) | (244) | |||||
Repayment from non-controlling interest | (60) | (60) | |||||
Balance at Dec. 31, 2014 | 24,400 | 41 | 45,693 | 39,843 | 1,031 | 59 | 111,067 |
Comprehensive income: | |||||||
Net income | 11,428 | 127 | 11,555 | ||||
Other comprehensive income (loss) | (51) | (51) | |||||
Stock compensation expense | 1,202 | 1,202 | |||||
Exercise of stock options, net, including income tax benefit of $42, $175 and $335 for December 31, 2014; December 31, 2015 and December 31, 2016 respectively | 4 | 1,543 | 1,547 | ||||
Tax impact of stock -based compensation | 986 | 986 | |||||
Issuance of common stock | 174 | 174 | |||||
Purchase and retirement of common stock | (3) | (4,378) | (4,381) | ||||
Redemption of preferred stock | (12,200) | (12,200) | |||||
Preferred stock dividends | (212) | (212) | |||||
Balance at Dec. 31, 2015 | 12,200 | 42 | 45,220 | 51,059 | 980 | 186 | 109,687 |
Comprehensive income: | |||||||
Net income | 18,462 | 232 | 18,694 | ||||
Other comprehensive income (loss) | (3,707) | (3,707) | |||||
Stock compensation expense | 1,608 | 1,608 | |||||
Exercise of stock options, net, including income tax benefit of $42, $175 and $335 for December 31, 2014; December 31, 2015 and December 31, 2016 respectively | 1,760 | 1,760 | |||||
Issuance of common stock in acquisitions, net of capitalized issuance costs of $260 | 44 | 164,991 | 165,035 | ||||
Equity awards assumed in acquisition | 1,182 | 1,182 | |||||
Issuance of common stock | 1 | 139 | 140 | ||||
Purchase and retirement of common stock | (1) | (5,200) | (5,201) | ||||
Redemption of preferred stock | $ (12,200) | (12,200) | |||||
Preferred stock dividends | (633) | (633) | |||||
Balance at Dec. 31, 2016 | $ 86 | $ 209,700 | $ 68,888 | $ (2,727) | $ 418 | $ 276,365 |
Consolidated Statements of Cha7
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Income tax benefit on exercise of stock options | $ 335 | $ 175 | $ 42 |
Capitalized issuance costs | $ 260 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net income | $ 18,694 | $ 11,555 | $ 10,051 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 5,132 | 3,322 | 3,848 |
Provision for loan losses | 1,800 | 1,800 | 2,700 |
Provision for deferred taxes | 2,966 | 1,589 | 68 |
Increase in cash surrender value of life insurance | (1,284) | (996) | (933) |
Stock compensation expense | 1,608 | 1,202 | 959 |
Gain on sale or write-down of assets, net | (54) | (1,726) | (539) |
Gain on sale of loans held for sale, net | (5,248) | (3,046) | (1,926) |
Proceeds from sale of loans held for sale | 255,704 | 178,295 | 87,912 |
Origination of loans held for sale | (252,771) | (172,657) | (91,772) |
Income from branch sale, net | (122) | ||
Net change in: | |||
Accrued interest receivable and other assets | 301 | (1,995) | 528 |
Accrued interest payable and other liabilities | (2,042) | (2,170) | 144 |
Net cash provided by operating activities | 24,806 | 15,051 | 11,040 |
Cash Flows From Investing Activities: | |||
Net (increase) decrease in certificates of deposit in other banks | 1,432 | 6,969 | (8,425) |
Purchases of securities AFS | (82,448) | (41,419) | (60,046) |
Proceeds from sales of securities AFS | 31,442 | 13,929 | 4,821 |
Proceeds from calls and maturities of securities AFS | 35,641 | 22,175 | 16,988 |
Net (increase) decrease in loans | 2,805 | (6,179) | (39,699) |
Purchases of other investments | (3,447) | (70) | (83) |
Net increases in premises and equipment | (4,051) | (1,181) | (5,765) |
Proceeds from sales of premises and equipment | 3 | 376 | 10 |
Proceeds from sales of other real estate and other assets | 1,999 | 3,632 | 3,990 |
Purchase of BOLI | (20,000) | (2,750) | |
Proceeds from redemption of BOLI | 21,549 | ||
Net cash used in branch sale | (19,865) | ||
Net cash received in business combinations | 66,517 | ||
Net cash provided (used) by investing activities | 51,442 | (21,633) | (90,959) |
Cash Flows From Financing Activities: | |||
Net increase in deposits | 91,236 | 30,508 | 25,199 |
Net decrease in short-term borrowings | (49,087) | (7,116) | |
Repayments of notes payable - other | (56,519) | (5,763) | (11,247) |
Proceeds from issuance of subordinated notes, net | 11,820 | ||
Capitalized issuance costs, net | (260) | ||
Purchase and retirement of common stock | (5,201) | (4,381) | (5,770) |
Proceeds from issuance of common stock, net | 1,900 | 1,721 | 887 |
Redemption of preferred stock | (12,200) | (12,200) | |
Noncontrolling interest in joint venture | (60) | ||
Cash dividends paid on preferred stock | (633) | (212) | (244) |
Net cash provided (used) by financing activities | (30,764) | 21,493 | 1,649 |
Net increase (decrease) in cash and cash equivalents | 45,484 | 14,911 | (78,270) |
Cash and cash equivalents: | |||
Beginning | 83,619 | 68,708 | 146,978 |
Ending | 129,103 | 83,619 | 68,708 |
Supplemental Disclosures of Cash Flow Information: | |||
Cash paid for interest | 7,508 | 7,290 | 7,324 |
Cash paid for taxes | 7,150 | 2,890 | 3,535 |
Transfer of loans and bank premises to other real estate owned | 237 | 986 | $ 3,127 |
Capitalized mortgage servicing rights | 1,023 | $ 201 | |
Acquisitions: | |||
Fair value of assets acquired | 1,039,000 | ||
Fair value of liabilities assumed | 939,000 | ||
Net assets acquired | 100,000 | ||
Common stock issued in acquisitions | $ 165,295 |
NATURE OF BUSINESS AND SIGNIFIC
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES Nature of Banking Activities and Subsidiaries During 2004, the Company entered into a joint venture, Nicolet Joint Ventures, LLC (the “JV”), with a real estate development and investment firm (the “Firm”) in connection with the selection and development of a site for a new headquarters facility. The Firm is considered a related party, as one of its principals is a Board member and shareholder of the Company. The JV involves a 50% ownership by the Company. See Note 17 for additional disclosures. During 2008, the Company purchased 100% of Brookfield Investment Partners, LLC (“Brookfield Investments”), an investment advisory firm that provides investment strategy and transactional services to financial institutions. Goodwill of $0.8 million was recorded in conjunction with this purchase. In 2013, the Company consummated its acquisition of Mid-Wisconsin Financial Services, Inc. (“Mid-Wisconsin”), whereby Mid-Wisconsin was merged with and into the Company, and Mid-Wisconsin Bank, Mid-Wisconsin’s wholly owned commercial bank subsidiary serving central Wisconsin, was merged with and into the Bank. In 2013, the Company acquired selected assets and assumed selected liabilities of Bank of Wausau through a Federal Deposit Insurance Corporation (“FDIC”) assisted transaction. There was no loss sharing agreement as part of this acquisition. Collectively, the Mid-Wisconsin and Bank of Wausau transactions are referred to as “the 2013 acquisitions.” During late 2016, the Company capitalized Nicolet Advisory Services, LLC (“Nicolet Advisory”), a wholly owned registered investment advisor subsidiary to provide brokerage and investment advisory services to customers. In 2016, the Company consummated its acquisition of Baylake Corp. (“Baylake”), whereby Baylake was merged with and into the Company, and Baylake Bank, Baylake’s wholly owned commercial bank subsidiary serving northeast Wisconsin, was merged with and into the Bank. Goodwill of $65.5 million was recorded in conjunction with this purchase. In 2016, the Company in a private transaction hired a select group of financial advisors and purchased their respective books of business and their operating platform. Goodwill of $0.4 million was recorded in conjunction with this purchase. Collectively, the Baylake and financial advisory transactions are referred to as “the 2016 acquisitions.” See Note 2 for additional disclosures. Through its acquisition of Baylake, the Bank owns a 49.8% indirect interest in United Financial Services, LLC (“UFS, LLC”), a data processing service and e-banking entity, through its 99.2% ownership of United Financial Services, Inc. (“UFS, Inc.”). Collectively, UFS, Inc. and UFS, LLC are referred to as “UFS”. The investment in UFS is carried in other assets under the equity method of accounting, and the Bank’s pro rata share of UFS income is included in noninterest income. Income in equity of UFS recognized by the Bank was $1.0 million for the year ended December 31, 2016. Amounts paid to UFS for data processing services by the Bank were $1.6 million and $0.9 million in 2016 and 2015, respectively. Loans to UFS were $0.2 million at December 31, 2016 compared to none at the end of 2015. The carrying value of the Bank’s investment in UFS was $8.3million at December 31, 2016. Principles of Consolidation Operating Segment: Use of 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. Business Combinations: Business Combinations Cash and Cash Equivalents Securities Available for Sale (“AFS”) Realized gains or losses on securities sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in the consolidated statements of income under gain on sale and write-down of assets, net. Premiums and discounts are amortized or accreted into interest income over the life of the related securities using the effective interest method. Management evaluates investment securities for other-than-temporary impairment on at least an annual basis. A decline in the market value of any investment below amortized cost that is deemed other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit related factors considered temporary in nature is recognized in other comprehensive income. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, and the financial condition and near-term prospects of the issuer for a period sufficient to allow for any anticipated recovery in fair value in the near term. Other Investments Loans Held for Sale Mortgage Servicing Rights (“MSRs”): Loans and Allowance for Loan Losses (“ALLL”) – Originated Loans 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, all material loans in nonaccrual status are evaluated for impairment, together with additional loans having impairment risk characteristics. For this purpose, management has defined “material” to be a credit relationship of more than $250,000. 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. Typically, impairment amounts for loans under the scope criteria are charged off when the impairment amount is determined. The ALLL is a reserve for estimated credit losses on individually evaluated loans determined to be impaired as well as estimated credit losses inherent in the loan portfolio. Actual credit losses, net of recoveries, are deducted from the ALLL. Loans are charged off when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the ALLL. A provision for loan losses, which is a charge against earnings, is recorded to bring the ALLL to a level that, in management’s judgment, is adequate to absorb probable losses in the loan portfolio. The allocation methodology applied by the Company is designed to assess the appropriateness of the ALLL and 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 a 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 total allowance is available to absorb losses from any segment of the loan portfolio. Management believes the ALLL is appropriate at December 31, 2016. The allowance analysis is reviewed by the Board on a quarterly basis in compliance with regulatory requirements. In addition, various regulatory agencies periodically review the ALLL. These agencies may require the Company to make additions to the ALLL based on their judgments of collectability based on information available to them at the time of their examination. Loans and ALLL – Acquired Loans: PCI loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality Performing acquired loans are accounted for under FASB ASC Topic 310-20, Receivables—Nonrefundable Fees and Other Costs An ALLL is calculated using a methodology similar to that described for originated loans. Performing acquired loans are subsequently evaluated for any required allowance at each reporting date. Such required allowance for each loan pool is compared to the remaining fair value discount for that pool. If greater, the excess is recognized as an addition to the allowance through a provision for loan losses. If less than the discount, no additional allowance is recorded. Charge-offs and losses first reduce any remaining fair value discount for the loan pool and once the discount is depleted, losses are applied against the allowance established for that pool. For PCI loans after acquisition, cash flows expected to be collected are recast for each loan periodically as determined appropriate by management. If the present value of expected cash flows for a loan is less than its carrying value, impairment is reflected by an increase in the ALLL and a charge to the provision for loan losses. If the present value of the expected cash flows for a loan is greater than its carrying value, any previously established ALLL is reversed and any remaining difference increases the accretable yield which will be taken into income over the remaining life of the loan. Loans which were considered troubled debt restructurings by Mid-Wisconsin and Baylake prior to the acquisitions are not required to be classified as troubled debt restructurings in the Company’s consolidated financial statements unless or 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. Credit-Related Financial Instruments Transfers of Financial Assets Premises and Equipment Estimated useful lives of new premises and equipment generally range as follows: Building and improvements 25 – 39 years Leasehold improvements 5 – 15 years Furniture and equipment 3 – 10 years Other Real Estate Owned (“OREO”) Goodwill and Other Intangibles Management periodically reviews the carrying value of its long-lived and intangible assets to determine if any impairment has occurred or whether changes in circumstances have occurred that would require a revision to the remaining useful life, in which case an impairment charge would be recorded as an expense in the period of impairment. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible. The Company’s annual assessments indicated no impairment charge on goodwill or other intangibles was required for 2016 or 2015. Bank-owned Life Insurance (“BOLI”): Short-term Borrowings Stock-based Compensation Plans: 2016 2015 Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 1.52 % 1.68 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 11.04 $ 8.11 Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when it is more likely than not that a portion of the full amount of the deferred tax asset will not be realized. In assessing the ability to realize deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. At acquisition, deferred taxes were evaluated in respect to the acquired assets and assumed liabilities (including the acquired net operating losses), and a net deferred tax asset was recorded. Certain limitations within the provisions of the tax code are placed on the amount of net operating losses which can be utilized as part of acquisition accounting rules and were incorporated into the calculation of the deferred tax asset. In addition, a portion of the fair market value discounts on PCI loans which resolved in the first twelve months after the acquisition were disallowed under provisions of the tax code. The Company may also recognize a liability for unrecognized tax benefits from uncertain tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the consolidated financial statements. At December 31, 2016, the Company determined it had no significant uncertain tax positions. Interest and penalties related to unrecognized tax benefits are classified as income tax expense. Earnings per Common Share Earnings per common share and related information are summarized as follows: Years ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income, net of noncontrolling interest $ 18,462 $ 11,428 $ 9,949 Less preferred stock dividends 633 212 244 Net income available to common shareholders $ 17,829 $ 11,216 $ 9,705 Weighted average common shares outstanding 7,158 4,004 4,165 Effect of dilutive stock instruments 356 358 146 Diluted weighted average common shares outstanding 7,514 4,362 4,311 Basic earnings per common share $ 2.49 $ 2.80 $ 2.33 Diluted earnings per common share $ 2.37 $ 2.57 $ 2.25 There were no options to purchase shares that were excluded from the calculation of diluted earnings per share at December 31, 2016. Options to purchase approximately 0.2 million shares were outstanding at the year ending December 31, 2015 but are excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. Treasury Stock Comprehensive Income Reclassifications Recent Accounting Developments Adopted |
ACQUISITIONS
ACQUISITIONS | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
ACQUISITIONS | NOTE 2. ACQUISITIONS On April 29, 2016, the Company consummated its merger with 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 the Bank. The system integration was completed, and 21 branches of Baylake opened, on May 2, 2016, as branches of the Bank, expanding its presence into Door, Kewaunee, and Manitowoc Counties, Wisconsin. Concurrently, Nicolet closed one of its Brown County locations at the time of the merger, and closed an additional six branches in the fourth quarter of 2016, bringing the Bank’s footprint to 36 branches as of December 31, 2016. 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 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 by Cash, cash equivalents and securities available for sale $ 262 $ 1 $ 263 Loans 710 (19 ) 691 Other real estate owned 3 (2 ) 1 Core deposit intangible 1 16 17 Fixed assets and other assets 71 (8 ) 63 Total assets acquired $ 1,047 $ (12 ) $ 1,035 Deposits $ 822 $ - $ 822 Junior subordinated debentures, borrowings and other liabilities 116 (1 ) 115 Total liabilities acquired $ 938 $ (1 ) $ 937 Excess of assets acquired over liabilities acquired $ 109 $ (11 ) $ 98 Less: purchase price 164 Goodwill $ 66 The following unaudited pro forma information presents the results of operations for the year ended December 31, 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. Year Ended December 31, 2016 2015 (in thousands, except per share data) Total revenues, net of interest expense $ 110,788 $ 105,288 Net income 23,263 21,267 Diluted earnings per share 2.55 2.38 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 relationship intangibles (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. |
SECURITIES AVAILABLE FOR SALE
SECURITIES AVAILABLE FOR SALE | 12 Months Ended |
Dec. 31, 2016 | |
Available-for-sale Securities [Abstract] | |
SECURITIES AVAILABLE FOR SALE | NOTE 3. SECURITIES AVAILABLE FOR SALE Amortized costs and fair values of securities AFS are summarized as follows: December 31, 2016 Amortized Gross Gross Fair (in thousands) Cost Unrealized Gains Unrealized Losses Value U.S. government sponsored enterprises $ 1,981 $ - $ 18 $ 1,963 State, county and municipals 191,721 160 4,638 187,243 Mortgage-backed securities 161,309 242 2,422 159,129 Corporate debt securities 12,117 52 - 12,169 Equity securities 2,631 2,152 - 4,783 $ 369,759 $ 2,606 $ 7,078 $ 365,287 December 31, 2015 Amortized Gross Gross Fair (in thousands) Cost Unrealized Gains Unrealized Losses Value 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 current fair value and associated unrealized losses on investments in debt and equity securities with unrealized losses at December 31, 2016 and 2015 are summarized in the following table, with the length of time the individual securities have been in a continuous loss position. December 31, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government sponsored enterprises $ 1,963 $ 18 $ - $ - $ 1,963 $ 18 State, county and municipals 167,457 4,629 1,300 9 168,757 4,638 Mortgage-backed securities 134,770 2,311 3,653 111 138,423 2,422 $ 304,190 $ 6,958 $ 4,953 $ 120 $ 309,143 $ 7,078 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 December 31, 2016 there were $7.1 million of gross unrealized losses related to 581 securities, or 1.9% of total securities. As of December 31, 2016, the Company does not consider its AFS securities with unrealized losses to be other-than-temporarily impaired. 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 was a $0.5 million other-than-temporary impairment (related to one private company stock carried in other investments in the consolidated balance sheets) charged to earnings during the fourth quarter of 2016 compared to none in 2015 and 2014. The amortized cost and fair value of AFS securities by contractual maturity at December 31, 2016 are shown below. Maturities may differ from contractual maturities in mortgage-backed securities because the mortgages underlying the securities may be called or prepaid without any penalties; therefore, these securities are not included in the maturity categories in the following summary. December 31, 2016 (in thousands) Amortized Cost Fair Value Due in less than one year $ 9,833 $ 9,835 Due in one year through five years 81,288 80,847 Due after five years through ten years 106,416 102,401 Due after ten years 8,282 8,292 205,819 201,375 Mortgage-backed securities 161,309 159,129 Equity securities 2,631 4,783 Securities AFS $ 369,759 $ 365,287 AFS securities with a carrying value of $30.3 million and $24.3 million as of December 31, 2016 and 2015, respectively, were pledged as collateral on public deposits and for other purposes as required or permitted by law. Proceeds from sales of AFS securities available for sale during 2016, 2015 and 2014 were $31.4 million, $13.9 million and $4.8 million, respectively. Gross gains of $91,000 and gross losses of $13,000 were realized on sales in 2016, gross gains of $0.6 million were realized on sales in 2015, and gross gains of $0.3 million in 2014. |
LOANS AND ALLOWANCE FOR LOAN LO
LOANS AND ALLOWANCE FOR LOAN LOSSES | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR LOAN LOSSES | NOTE 4. LOANS AND ALLOWANCE FOR LOAN LOSSES The loan composition as of December 31 is summarized as follows: 2016 2015 (in thousands) Amount % of Total Amount % of Total Commercial & industrial $ 428,270 27.3 % $ 294,419 33.6 % Owner-occupied commercial real estate (“CRE”) 360,227 23.0 185,285 21.1 Agricultural (“AG”) production 34,767 2.2 15,018 1.7 AG real estate 45,234 2.9 43,272 4.9 CRE investment 195,879 12.5 78,711 9.0 Construction & land development 74,988 4.8 36,775 4.2 Residential construction 23,392 1.5 10,443 1.2 Residential first mortgage 300,304 19.1 154,658 17.6 Residential junior mortgage 91,331 5.8 51,967 5.9 Retail & other 14,515 0.9 6,513 0.8 Loans 1,568,907 100.0 % 877,061 100.0 % Less ALLL 11,820 10,307 Loans, net $ 1,557,087 $ 866,754 ALLL to loans 0.75 % 1.18 % As a further breakdown, loans as of December 31 are summarized by originated and acquired as follows: 2016 2015 (in thousands) Originated % of Acquired % of Total Originated % of Acquired % of Commercial & industrial $ 330,073 36.6 % $ 98,197 14.7 % $ 284,023 38.4 % $ 10,396 7.6 % Owner-occupied CRE 182,776 20.3 177,451 26.6 153,563 20.7 31,722 23.2 AG production 9,192 1.0 25,575 3.8 6,849 0.9 8,169 6.0 AG real estate 18,858 2.1 26,376 4.0 25,464 3.4 17,808 13.0 CRE investment 72,930 8.1 122,949 18.4 58,949 8.0 19,762 14.4 Construction & land development 44,147 4.9 30,841 4.6 27,231 3.7 9,544 7.0 Residential construction 20,768 2.3 2,624 0.4 10,443 1.4 - - Residential first mortgage 164,949 18.3 135,355 20.3 122,373 16.5 32,285 23.5 Residential junior mortgage 48,199 5.3 43,132 6.5 44,889 6.1 7,078 5.2 Retail & other 10,095 1.1 4,420 0.7 6,351 0.9 162 0.1 Loans 901,987 100.0 % 666,920 100.0 % 740,135 100.0 % 136,926 100.0 % Less ALLL 9,449 2,371 8,714 1,593 Loans, net 892,538 664,549 731,421 135,333 ALLL to loans 1.05 % 0.36 % 1.18 % 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 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 summary of activity in the ALLL in total as of December 31: (in thousands) ALLL: 2016 2015 2014 Beginning balance $ 10,307 $ 9,288 $ 9,232 Provision 1,800 1,800 2,700 Charge-offs (584 ) (883 ) (2,743 ) Recoveries 297 102 99 Net charge-offs (287 ) (781 ) (2,644 ) Ending balance $ 11,820 $ 10,307 $ 9,288 The following tables present the balance and activity in the ALLL by portfolio segment and the recorded investment in loans by portfolio segment based on the impairment method as of December 31, 2016: TOTAL – 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Provision 451 1,037 65 (95 ) 118 (672 ) 157 593 14 132 1,800 Charge-offs (279 ) (108 ) - - - - - (80 ) (57 ) (60 ) (584 ) Recoveries 26 5 - - 221 - - 31 8 6 297 Net charge-offs (253 ) (103 ) - - 221 - - (49 ) (49 ) (54 ) (287 ) Ending balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 As percent of ALLL 33.2 % 24.3 % 1.3 % 2.4 % 9.5 % 6.5 % 2.6 % 15.1 % 3.9 % 1.2 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,919 2,867 150 285 1,124 774 304 1,784 461 152 11,820 Ending balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Loans: Individually evaluated $ 338 $ 2,588 $ 41 $ 240 $ 12,552 $ 694 $ 261 $ 2,204 $ 299 $ - $ 19,217 Collectively evaluated 427,932 357,639 34,726 44,994 183,327 74,294 23,131 298,100 91,032 14,515 1,549,690 Total loans $ 428,270 $ 360,227 $ 34,767 $ 45,234 $ 195,879 $ 74,988 $ 23,392 $ 300,304 $ 91,331 $ 14,515 $ 1,568,907 Less ALLL $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Net loans $ 424,351 $ 357,360 $ 34,617 $ 44,949 $ 194,755 $ 74,214 $ 23,088 $ 298,520 $ 90,870 $ 14,363 $ 1,557,087 As a further breakdown, the December 31, 2016 ALLL is summarized by originated and acquired as follows: Originated – 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Provision 268 695 51 (77 ) 26 (725 ) 119 360 1 123 841 Charge-offs (262 ) (3 ) - - - - - - (53 ) (59 ) (377 ) Recoveries 9 4 - - 221 - - 25 7 5 271 Net charge-offs (253 ) 1 - - 221 - - 25 (46 ) (54 ) (106 ) Ending balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 As percent of ALLL 33.4 % 23.9 % 1.3 % 2.3 % 9.5 % 6.9 % 2.8 % 14.5 % 3.9 % 1.5 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,150 2,263 122 222 893 656 266 1,372 373 132 9,449 Ending balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Loans: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 330,073 182,776 9,192 18,858 72,930 44,147 20,768 164,949 48,199 10,095 901,987 Total loans $ 330,073 $ 182,776 $ 9,192 $ 18,858 $ 72,930 $ 44,147 $ 20,768 $ 164,949 $ 48,199 $ 10,095 $ 901,987 Less ALLL $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Net loans $ 326,923 $ 180,513 $ 9,070 $ 18,636 $ 72,037 $ 43,491 $ 20,502 $ 163,577 $ 47,826 $ 9,963 $ 892,538 Acquired - 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Provision 183 342 14 (18 ) 92 53 38 233 13 9 959 Charge-offs (17 ) (105 ) - - - - - (80 ) (4 ) (1 ) (207 ) Recoveries 17 1 - - - - - 6 1 1 26 Net charge-offs - (104 ) - - - - - (74 ) (3 ) - (181 ) Ending balance $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 As percent of ALLL 32.4 % 25.5 % 1.2 % 2.7 % 9.7 % 5.0 % 1.6 % 17.4 % 3.7 % 0.8 % 100.0 % Loans: Individually evaluated $ 338 $ 2,588 $ 41 $ 240 $ 12,552 $ 694 $ 261 $ 2,204 $ 299 $ - $ 19,217 Collectively evaluated 97,859 174,863 25,534 26,136 110,397 30,147 2,363 133,151 42,833 4,420 647,703 Total loans $ 98,197 $ 177,451 $ 25,575 $ 26,376 $ 122,949 $ 30,841 $ 2,624 $ 135,355 $ 43,132 $ 4,420 $ 666,920 Less ALLL $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 Net loans $ 97,428 $ 176,847 $ 25,547 $ 26,313 $ 122,718 $ 30,723 $ 2,586 $ 134,943 $ 43,044 $ 4,400 $ 664,549 There was no ALLL allocated to individually evaluated loans at December 31, 2016, therefore the table reflecting the ALLL between individually evaluated loans and collectively evaluated loans was omitted. The following tables present the balance and activity in the ALLL by portfolio segment and the recorded investment in loans by portfolio segment based on the impairment method as of December 31, 2015: TOTAL – 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 868 928 32 154 307 (1,239 ) 7 438 258 47 1,800 Charge-offs (374 ) (229 ) - - (50 ) - - (84 ) (111 ) (35 ) (883 ) Recoveries 36 4 - - 17 - - 20 12 13 102 Net charge-offs (338 ) (225 ) - - (33 ) - - (64 ) (99 ) (22 ) (781 ) Ending balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 As percent of ALLL 36.2 % 18.8 % 0.8 % 3.7 % 7.6 % 14.0 % 1.4 % 12.0 % 4.8 % 0.7 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,721 1,933 85 380 785 1,446 147 1,240 496 74 10,307 Ending balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Loans: Individually evaluated $ 142 $ 950 $ 39 $ 252 $ 1,301 $ 280 $ - $ 460 $ 142 $ - $ 3,566 Collectively evaluated 294,277 184,335 14,979 43,020 77,410 36,495 10,443 154,198 51,825 6,513 873,495 Total loans $ 294,419 $ 185,285 $ 15,018 $ 43,272 $ 78,711 $ 36,775 $ 10,443 $ 154,658 $ 51,967 $ 6,513 $ 877,061 Less ALLL $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Net loans $ 290,698 $ 183,352 $ 14,933 $ 42,892 $ 77,926 $ 35,329 $ 10,296 $ 153,418 $ 51,471 $ 6,439 $ 866,754 As a further breakdown, the December 31, 2015 ALLL is summarized by originated and acquired as follows: Originated – 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 282 490 18 73 118 (1,304 ) 7 189 171 36 80 Charge-offs (374 ) (157 ) - - - - - (84 ) (91 ) (35 ) (741 ) Recoveries 36 4 - - 17 - - 16 1 13 87 Net charge-offs (338 ) (153 ) - - 17 - - (68 ) (90 ) (22 ) (654 ) Ending balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 As percent of ALLL 36.1 % 18.0 % 0.8 % 3.4 % 7.4 % 15.8 % 1.7 % 11.3 % 4.8 % 0.7 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,135 1,567 71 299 646 1,381 147 987 418 63 8,714 Ending balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Loans: Individually evaluated $ - $ - $ - $ - $ 387 $ - $ - $ - $ - $ - $ 387 Collectively evaluated 284,023 153,563 6,849 25,464 58,562 27,231 10,443 122,373 44,889 6,351 739,748 Total loans $ 284,023 $ 153,563 $ 6,849 $ 25,464 $ 58,949 $ 27,231 $ 10,443 $ 122,373 $ 44,889 $ 6,351 $ 740,135 Less ALLL $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Net loans $ 280,888 $ 151,996 $ 6,778 $ 25,165 $ 58,303 $ 25,850 $ 10,296 $ 121,386 $ 44,471 $ 6,288 $ 731,421 Acquired - 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Provision 586 438 14 81 189 65 - 249 87 11 1,720 Charge-offs - (72 ) - - (50 ) - - - (20 ) - (142 ) Recoveries - - - - - - - 4 11 - 15 Net charge-offs - (72 ) - - (50 ) - - 4 (9 ) - (127 ) Ending balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 As percent of ALLL 36.7 % 23.0 % 0.9 % 5.1 % 8.7 % 4.1 % - % 15.9 % 4.9 % 0.7 % 100.0 % Loans: Individually evaluated $ 142 $ 950 $ 39 $ 252 $ 914 $ 280 $ - $ 460 $ 142 $ - $ 3,179 Collectively evaluated 10,254 30,772 8,130 17,556 18,848 9,264 - 31,825 6,936 162 133,747 Total loans $ 10,396 $ 31,722 $ 8,169 $ 17,808 $ 19,762 $ 9,544 $ - $ 32,285 $ 7,078 $ 162 $ 136,926 Less ALLL $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Net loans $ 9,810 $ 31,356 $ 8,155 $ 17,727 $ 19,623 $ 9,479 $ - $ 32,032 $ 7,000 $ 151 $ 135,333 The following table presents nonaccrual loans by portfolio segment as of December 31, 2016 and 2015. Acquired impaired loans that are performing to their contractual terms are not included in the below table and are accruing interest based on their performance and management’s determination. Total Nonaccrual Loans (in thousands) 2016 % to Total 2015 % to Total Commercial & industrial $ 358 1.8 % $ 204 5.8 % Owner-occupied CRE 2,894 14.3 951 26.9 AG production 9 0.1 13 0.4 AG real estate 208 1.0 230 6.5 CRE investment 12,317 60.6 1,040 29.4 Construction & land development 1,193 5.9 280 7.9 Residential construction 260 1.3 - - Residential first mortgage 2,990 14.7 674 19.1 Residential junior mortgage 56 0.3 141 4.0 Retail & other - - - - Nonaccrual loans $ 20,285 100.0 % $ 3,533 100.0 % As a further breakdown, nonaccrual loans as of December 31, 2016 and 2015 are summarized by originated and acquired as follows: 2016 (in thousands) Originated % to Total Acquired % to Total Commercial & industrial $ 4 1.6 % $ 354 1.8 % Owner-occupied CRE 42 16.3 2,852 14.2 AG production 7 2.7 2 0.1 AG real estate - - 208 1.0 CRE investment - - 12,317 61.4 Construction & land development - - 1,193 6.0 Residential construction - - 260 1.3 Residential first mortgage 204 79.4 2,786 13.9 Residential junior mortgage - - 56 0.3 Retail & other - - - - Nonaccrual loans $ 257 100.0 % $ 20,028 100.0 % 2015 (in thousands) Originated % to Total Acquired % to Total Commercial & industrial $ 49 8.4 % $ 155 5.3 % Owner-occupied CRE - - 951 32.1 AG production 13 2.2 - - AG real estate - - 230 7.8 CRE investment 387 66.7 653 22.1 Construction & land development - - 280 9.5 Residential construction - - - - Residential first mortgage 132 22.7 542 18.4 Residential junior mortgage - - 141 4.8 Retail & other - - - - Nonaccrual loans $ 581 100.0 % $ 2,952 100.0 % The following tables present past due loans by portfolio segment as of December 31, 2016: Total Past Due Loans - 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 22 $ 358 $ 427,890 $ 428,270 Owner-occupied CRE 268 2,894 357,065 360,227 AG production - 9 34,758 34,767 AG real estate - 208 45,026 45,234 CRE investment - 12,317 183,562 195,879 Construction & land development - 1,193 73,795 74,988 Residential construction - 260 23,132 23,392 Residential first mortgage 486 2,990 296,828 300,304 Residential junior mortgage 200 56 91,075 91,331 Retail & other 15 - 14,500 14,515 Total loans $ 991 $ 20,285 $ 1,547,631 $ 1,568,907 As a percent of total loans 0.1 % 1.3 % 98.6 % 100.0 % As a further breakdown, past due loans as of December 31, 2016 are summarized by originated and acquired as follows: Originated – 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ - $ 4 $ 330,069 $ 330,073 Owner-occupied CRE - 42 182,734 182,776 AG production - 7 9,185 9,192 AG real estate - - 18,858 18,858 CRE investment - - 72,930 72,930 Construction & land development - - 44,147 44,147 Residential construction - - 20,768 20,768 Residential first mortgage 81 204 164,664 164,949 Residential junior mortgage 13 - 48,186 48,199 Retail & other 3 - 10,092 10,095 Total loans $ 97 $ 257 $ 901,633 $ 901,987 As a percent of total loans 0.1 % 0.1 % 99.8 % 100.0 % Acquired – 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 22 $ 354 $ 97,821 $ 98,197 Owner-occupied CRE 268 2,852 174,331 177,451 AG production - 2 25,573 25,575 AG real estate - 208 26,168 26,376 CRE investment - 12,317 110,632 122,949 Construction & land development - 1,193 29,648 30,841 Residential construction - 260 2,364 2,624 Residential first mortgage 405 2,786 132,164 135,355 Residential junior mortgage 187 56 42,889 43,132 Retail & other 12 - 4,408 4,420 Total loans $ 894 $ 20,028 $ 645,998 $ 666,920 As a percent of total loans 0.1 % 3.0 % 96.9 % 100.0 % The following table presents past due loans by portfolio segment as of December 31, 2015: Total Past Due Loans - 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 % As a further breakdown, past due loans as of December 31, 2015 are summarized by originated and acquired as follows: Originated – 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 50 $ 49 $ 283,924 $ 284,023 Owner-occupied CRE - - 153,563 153,563 AG production - 13 6,836 6,849 AG real estate - - 25,464 25,464 CRE investment - 387 58,562 58,949 Construction & land development - - 27,231 27,231 Residential construction - - 10,443 10,443 Residential first mortgage - 132 122,241 122,373 Residential junior mortgage 10 - 44,879 44,889 Retail & other 12 - 6,339 6,351 Total loans $ 72 $ 581 $ 739,482 $ 740,135 As a percent of total loans 0.1 % 0.1 % 99.8 % 100.0 % Acquired – 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ - $ 155 $ 10,241 $ 10,396 Owner-occupied CRE - 951 30,771 31,722 AG production 16 - 8,153 8,169 AG real estate - 230 17,578 17,808 CRE investment - 653 19,109 19,762 Construction & land development - 280 9,264 9,544 Residential construction - - - - Residential first mortgage 150 542 31,593 32,285 Residential junior mortgage - 141 6,937 7,078 Retail & other - - 162 162 Total loans $ 166 $ 2,952 $ 133,808 $ 136,926 As a percent of total loans 0.1 % 2.2 % 97.7 % 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 loans by loan grade as of December 31: 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 401,954 $ 16,633 $ 2,133 $ 7,550 $ - $ - $ 428,270 Owner-occupied CRE 340,846 14,758 193 4,430 - - 360,227 AG production 31,026 3,191 70 480 - - 34,767 AG real estate 41,747 2,727 - 760 - - 45,234 CRE investment 173,652 8,137 - 14,090 - - 195,879 Construction & land development 69,097 4,318 - 1,573 - - 74,988 Residential construction 22,030 1,102 - 260 - - 23,392 Residential first mortgage 295,109 1,348 192 3,655 - - 300,304 Residential junior mortgage 91,123 - 114 94 - - 91,331 Retail & other 14,515 - - - - - 14,515 Total loans $ 1,481,099 $ 52,214 $ 2,702 $ 32,892 $ - $ - $ 1,568,907 Percent of total 94.4 % 3.3 % 0.2 % 2.1 % - - 100.0 % 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 % The following table presents impaired loans as of December 31, 2016. For purposes of these impaired loan tables, all PCI loans and all originated nonaccrual loans over $250,000 are included below for December 31, 2016 and 2015. No loans had a related allowance at December 31, 2016, and therefore, the below disclosures were not expanded to include loans with and without a related allowance. Total Impaired Loans - 2016 (in thousands) Recorded Unpaid Principal Related Average Interest Income Commercial & industrial $ 338 $ 720 $ - $ 348 $ 34 Owner-occupied CRE 2,588 4,661 - 2,700 271 AG production 41 163 - 48 6 AG real estate 240 332 - 245 26 CRE investment 12,552 19,695 - 12,982 1,051 Construction & land development 694 2,122 - 752 112 Residential construction 261 1,348 - 287 82 Residential first mortgage 2,204 3,706 - 2,312 190 Residential junior mortgage 299 639 - 209 17 Retail & Other - 36 - - - Total $ 19,217 $ 33,422 $ - $ 19,883 $ 1,789 There were no originated impaired loans as of December 31, 2016. All loans in the table above were acquired loans. The following table presents impaired loans as of December 31, 2015: Total Impaired Loans - 2015 (in thousands) Recorded Unpaid Principal Related Average 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 breakdown, impaired loans as of December 31, 2015 are summarized by originated and acquired as follows: Originated - 2015 (in thousands) Recorded Unpaid Principal Related Average 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 – 2015 (in thousands) Recorded Unpaid Principal Related Average 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 Interest income of $2.0 million, $0.4 million and $0.7 million would have been earned on the year-end nonaccrual loans had they been performing in accordance with their original terms during the years ended December 31, 2016, 2015 and 2014, respectively. Interest of approximately $1.8 million, $0.4 million, and $0.7 million was earned on year-end nonaccrual loans and included in income for each of the years ended December 31, 2016, 2015 and 2014, respectively. In April 2016, the Baylake merger added PCI loans at a fair value of $20.8 million, net of an initial $13.9 million non-accretable mark. Combining the 2013 and 2016 acquisitions, total PCI loans acquired in aggregate were initially recorded at a fair value of $37.5 million on their respective acquisition dates, net of an initial $26.1 million non-accretable mark and a zero accretable mark. At December 31, 2016, $18.8 million of the $37.5 million remain in impaired loans and $0.4 million of acquired loans have subsequently become impaired, bringing acquired impaired loans to $19.2 million, net of a $14.3 million non-accretable mark and a zero accretable mark. Non-accretable discount on PCI loans Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 4,229 $ 6,596 Acquired balance, net 13,923 - Reclassifications from (to) non-accretable - - Accretion to loan interest income (3,458 ) (1,737 ) Disposals of loans (367 ) (630 ) Balance at end of period $ 14,327 $ 4,229 Troubled Debt Restructurings At December 31, 2016, there were five loans classified as troubled debt restructurings and nine loans at December 31, 2015. These five loans had a pre-modification balance of $1.3 million and at December 31, 2016, had a balance of $0.8 million. There were no loans which were classified as troubled debt restructurings during the previous twelve months that subsequently defaulted during 2016. As of December 31, 2016 there were no commitments to lend additional funds to debtors whose terms have been modified in troubled debt restructurings. Loans which were considered troubled debt restructurings prior to the acquisitions are not required to be classified as troubled debt restructurings in the Company’s consolidated financial statements unless or 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. |
PREMISES AND EQUIPMENT
PREMISES AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
PREMISES AND EQUIPMENT | NOTE 5. PREMISES AND EQUIPMENT Premises and equipment, less accumulated depreciation and amortization, is summarized as follows as of December 31: (in thousands) 2016 2015 Land $ 5,466 $ 3,098 Land improvements 2,656 1,693 Building and improvements 39,598 27,515 Leasehold improvements 4,437 4,331 Furniture and equipment 13,753 10,443 65,910 47,080 Less accumulated depreciation and amortization 20,048 17,467 Premises and equipment, net $ 45,862 $ 29,613 Depreciation and amortization expense amounted to $3.2 million in 2016, $2.4 million in 2015, and $2.3 million in 2014. The Company and certain of its subsidiaries are obligated under non-cancelable operating leases for facilities, certain of which provide for increased rentals based upon increases in cost of living adjustments and other indices. At December 31, 2016, the approximate minimum annual rentals under these non-cancelable agreements with remaining terms in excess of one year are as follows: Years Ending December 31, (in thousands) 2017 $ 685 2018 673 2019 656 2020 648 2021 437 Thereafter 682 Total $ 3,781 During the second quarter of 2016, a $1.7 million lease termination liability and charge to other expense was recorded due to the closure of a branch, concurrent with the consummation date of the Baylake merger. Payments are expected to continue to the lessor for the remainder of the lease term. Since the remaining lease payments have been recognized against earnings, the remaining lease payments were excluded from the above table. Total rent expense under leases totaled $0.8 million in 2016, $0.8 million in 2015, and $0.9 million in 2014. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | NOTE 6. GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS A summary of goodwill and other intangibles, as well as the MSR asset, which is included in other assets in the consolidated balance sheets, at December 31 is as follows: (in thousands) 2016 2015 Goodwill $ 66,743 $ 762 Core deposit intangibles 17,101 3,031 Customer list intangibles 4,094 - Other intangibles 21,195 3,031 Goodwill and other intangibles $ 87,938 $ 3,793 MSR asset $ 1,922 $ 193 Management periodically reviews the carrying value of its long-lived and intangible assets to determine if any impairment has occurred, in which case an impairment charge would be recorded as an expense in the period of impairment, or whether changes in circumstances have occurred that would require a revision to the remaining useful life which would impact expense prospectively. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible. The Company’s annual assessments indicated no impairment charge on goodwill or other intangibles was required for 2016 or 2015. Goodwill Other intangible assets (in thousands) December 31, 2016 December 31, 2015 Core deposit intangibles: Gross carrying amount $ 25,345 $ 8,086 Accumulated amortization (8,244 ) (5,055 ) Net book value $ 17,101 $ 3,031 Additions during the period $ 17,259 $ - Amortization during the period $ 3,189 $ 1,027 Customer list intangibles: Gross carrying amount $ 4,363 $ - Accumulated amortization (269 ) - Net book value $ 4,094 $ - Additions during the period $ 4,363 $ - Amortization during the period $ 269 $ - Mortgage servicing rights Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 193 $ - Additions during the period* 1,908 201 Sale proceeds (179 ) (8 ) Valuation allowance at end of period - - Net book value at end of period $ 1,922 $ 193 *Purchased MSR asset included in period $ 885 $ - Fair value of MSR asset at end of period $ 2,013 249 Residential mortgage loans serviced for others $ 295,353 34,940 Net book value of MSR asset to loans serviced for others 0.65 % 0.55 % The Company periodically evaluates its mortgage servicing rights asset for impairment. As of December 31, 2016, the Company’s assessment does not indicate an impairment on the MSR asset carrying value. 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 December 31, 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 Customer list MSR asset Year ending December 31, 2017 3,805 385 316 2018 3,254 385 316 2019 2,762 385 316 2020 2,156 385 300 2021 1,763 385 176 Thereafter 3,361 2,169 498 Total $ 17,101 $ 4,094 $ 1,922 |
OTHER REAL ESTATE OWNED
OTHER REAL ESTATE OWNED | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
OTHER REAL ESTATE OWNED | NOTE 7. OTHER REAL ESTATE OWNED A summary of OREO, which is included in other assets in the consolidated balance sheets, for the periods indicated is as follows: Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 367 $ 1,966 Transfer of loans at net realizable value to OREO 237 986 Sale proceeds (1,999 ) (3,632 ) Net gain from sale of OREO 666 1,471 Write-down of OREO - (424 ) Acquired balance, net 2,788 - Balance at end of period $ 2,059 $ 367 |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
DEPOSITS | NOTE 8. DEPOSITS Brokered deposits were $20.9 million and $26.7 million at December 31, 2016 and 2015, respectively. The weighted average rate of brokered deposits was 1.39% and 1.27% at December 31, 2016 and 2015, respectively. At December 31, 2016, the scheduled maturities of time deposits were as follows: Years Ending December 31, (in thousands) 2017 $ 160,144 2018 76,738 2019 35,913 2020 22,530 2021 6,570 Thereafter - $ 301,895 The aggregate amount of time deposits, each with a minimum denomination of $250,000, was $33.0 million and $18.0 million at December 31, 2016 and 2015, respectively. |
NOTES PAYABLE
NOTES PAYABLE | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable [Abstract] | |
NOTES PAYABLE | NOTE 9. NOTES PAYABLE The Company had the following notes payable as of December 31: (in thousands) 2016 2015 Joint Venture note $ - $ 9,412 FHLB advances 1,000 6,000 Notes Payable $ 1,000 $ 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 the Bank and is therefore eliminated through the consolidation process. The FHLB advances bear fixed rates, require interest-only monthly payments, and mature in February 2018. The weighted average rate of the FHLB advances was 1.17% and 0.83% at December 31, 2016 and 2015, respectively. The FHLB advances are collateralized by a blanket lien on qualifying first mortgages, home equity loans, multi-family loans and certain farmland loans which had a pledged balance of $283.8 million and $154.3 million at December 31, 2016 and 2015, respectively. The following table shows the maturity schedule of the notes payable as of December 31, 2016. Maturing in: (in thousands) 2017 $ - 2018 1,000 $ 1,000 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 December 31, 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 December 31, 2016 and 2015, and the line was not used during 2016 or 2015. |
JUNIOR SUBORDINATED DEBENTURES
JUNIOR SUBORDINATED DEBENTURES | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Borrowings [Abstract] | |
JUNIOR SUBORDINATED DEBENTURES | NOTE 10. JUNIOR SUBORDINATED DEBENTURES At December 31, 2016 and 2015, the Company’s carrying value of junior subordinated debentures was $24.7 million and $12.5 million, respectively. At December 31, 2016 and 2015, $23.7 million and $12.0 million, respectively, of trust preferred securities qualify as Tier 1 capital. In July 2004, Nicolet Bankshares Statutory Trust I (the “Nicolet Trust”) issued $6.0 million of guaranteed preferred beneficial interests (“trust preferred securities”) in the Company’s junior subordinated deferrable interest debentures that qualify as Tier 1 capital under Federal Reserve Board guidelines. All of the common securities of the Nicolet Trust are owned by the Company. The proceeds from the common securities and trust preferred securities were used by the Nicolet Trust to purchase $6.2 million of junior subordinated debentures (the “debentures”) of the Company. The trust preferred securities and debentures pay an 8% fixed rate. The proceeds received by the Company from the sale of the debentures were used for general purposes, primarily to provide capital to the Bank. The Company has the right to redeem the debentures, in whole or in part, on or after July 15, 2009. If the debentures are redeemed prior to maturity, the redemption price will be the principal amount and any accrued but unpaid interest. The maturity date of the debentures, if not redeemed, is July 15, 2034. Interest on the debentures is current. In April 2013, as part of the Mid-Wisconsin acquisition, the Company assumed $10.3 million of junior subordinated debentures issued in December 2005 by Mid-Wisconsin, related to $10.0 million of trust preferred securities issued by a statutory trust, whose common securities were wholly owned by Mid-Wisconsin. These trust preferred securities and debentures mature on December 15, 2035 and have a floating rate of the three-month LIBOR plus 1.43%, adjusted quarterly. The interest rates were 2.39% and 1.94% as of December 31, 2016 and 2015, respectively. The debentures may be called at par plus any accrued but unpaid interest, in part or in full, on or after December 15, 2010 or within 120 days of certain events. At acquisition the debentures were recorded at an initial fair market value of $5.8 million, with the initial $4.5 million discount being accreted to interest expense over the remaining life of the debentures. The discount accreted during 2016, 2015 and 2014 was approximately $0.2 million each year, bringing the carrying value of the debentures to $6.5 million, $6.3 million and $6.1 million at December 31, 2016, 2015 and 2014, respectively. Interest on the debentures is current. 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 September 30, 2036 and have a floating rate of three-month LIBOR plus 1.35% adjusted quarterly. Interest on these debentures is current. The interest rate was 2.35% as of December 31, 2016. 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 December 31, 2016, the carrying value of these junior debentures was $12.0 million. The debentures represent the sole asset of the respective statutory trusts. The statutory trusts are not included in the consolidated financial statements. The net effect of all the documents entered into with the trust preferred securities is that the Company, through payment on its debentures, is liable for the distributions and other payments required on the trust preferred securities. |
SUBORDINATED NOTES
SUBORDINATED NOTES | 12 Months Ended |
Dec. 31, 2016 | |
Subordinated Debt [Abstract] | |
SUBORDINATED NOTES | NOTE 11. SUBORDINATED NOTES On February 17, April 28, and June 29, 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 Company elected to early adopt ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs |
EMPLOYEE AND DIRECTOR BENEFIT P
EMPLOYEE AND DIRECTOR BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
EMPLOYEE AND DIRECTOR BENEFIT PLANS | NOTE 12. EMPLOYEE AND DIRECTOR BENEFIT PLANS The Company sponsors two deferred compensation plans, one for certain key management employees and another for directors. Under the management plan, which was amended in 2016, employees designated by the Board of Directors may defer compensation and receive the deferred amounts plus earnings thereon upon termination of employment or at their election. The liability for the cumulative employee contributions and earnings thereon at December 31, 2016 and 2015 totaled approximately $272,000 and $359,000, respectively, and is included in other liabilities in the consolidated balance sheets. Under the director plan participating directors may defer up to 100% of their Board compensation towards the purchase of Company common stock at market prices on a quarterly basis that is held in a Rabbi Trust. During 2016 and 2015, the plan purchased 3,796 and 4,820 shares of Company common stock valued at approximately $138,000 and $143,000, respectively. There were no distributions in 2016. In 2015, common stock valued at approximately $49,000 (and representing 2,670 shares) was distributed. The common stock outstanding and the related director deferred compensation liability are offsetting components of the Company’s equity in the amount of $641,000 at year end 2016 and $502,000 at year end 2015 representing 28,510 shares and 24,561 shares, respectively. The Company sponsors a 401(k) savings plan under which eligible employees may choose to save up to 100% of salary compensation on either a pre-tax or after-tax basis, subject to certain IRS limits. Under the plan, the Company matches 100% of participating employee contributions up to 6% of the participant’s gross compensation. The Company contribution vests over five years. The Company can make additional annual discretionary profit sharing contributions, as determined by the Board of Directors. During 2016, 2015 and 2014, the Company’s 401(k) expense was approximately $1.2 million, $0.9 million and $0.8 million, respectively. During 2016, the plan was amended and participants can no longer elect to buy Company common stock within their 401(k) portfolio. During 2015 participants purchased in the aggregate a net 963 shares of Company common stock valued at approximately $31,000. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
STOCK-BASED COMPENSATION | NOTE 13. STOCK-BASED COMPENSATION At December 31, 2016, the Company had three stock-based plans. These plans are administered by a committee of the Board of Directors and provide for the granting of various equity awards in accordance with the plan documents to certain officers, employees and directors of the Company. The Company’s 2002 Stock Incentive Plan initially covered 125,000 shares of the Company’s common stock. The Company, with subsequent shareholder approval, revised this plan to allow for 450,000 additional shares in 2005 and 600,000 additional shares in 2008. A total of 1,175,000 shares have been reserved for potential stock options under the 2002 Plan. The Company also adopted, with subsequent shareholder approval, the 2011 Long Term Incentive Plan covering up to 500,000 shares of the Company’s common stock. The Company, with subsequent shareholder approval, revised this plan to allow for 1,000,000 additional shares in 2016. A total of 1,500,000 shares have been reserved for potential stock-based awards. This plan provides for certain stock-based awards such as, but not limited to, stock options, stock appreciation rights and restricted common stock, as well as cash performance awards. As part of the 2016 Baylake acquisition, the Company assumed sponsorship of the Baylake Corp. 2010 Equity Incentive Plan and also assumed 91,701 stock options issued under such plan. The Company amended the plan to rename it the Nicolet Bankshares, Inc. 2010 Equity Incentive Plan and to provide that no further awards may be granted under this plan. In general, for stock options granted the exercise price will not be less than the fair market value of the Company’s common stock on the date of grant, the options will become exercisable based upon vesting terms determined by the committee, and the options will expire ten years after the date of grant. In general, for restricted stock granted the shares are issued at the fair market value of the Company’s common stock on the date of grant, are restricted as to transfer, but are not restricted as to dividend payments or voting rights, and the transfer restrictions lapse over time, depending upon vesting terms provided for in the grant and contingent upon continued employment. As of December 31, 2016, approximately 1,100,000 shares were available for grant under these plans (collectively the “Stock Incentive Plans”). Activity of the Stock Incentive Plans is summarized in the following tables: Stock Options Option Shares Weighted Exercisable Weighted Balance – December 31, 2013 793,157 $ 17.86 600,846 $ 18.25 Granted 221,000 23.80 Exercise of stock options (39,548 ) 16.01 Forfeited (6,750 ) 16.80 Balance – December 31, 2014 967,859 $ 19.30 630,121 $ 18.24 Granted 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 $ 19.09 Granted 170,500 36.86 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (84,723 ) 20.98 Forfeited (1,456 ) 21.71 Balance – December 31, 2016 922,026 $ 24.39 439,639 $ 19.97 * The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 10,244 shares and 167,779 shares were surrendered in 2016 and 2015, respectively, and no shares surrendered in 2014. Options outstanding at December 31, 2016 are exercisable at option prices ranging from $16.00 – 38.10. There are 301,953 options outstanding in the range from $16.00 - $20.00, 252,989 options outstanding in the range from $20.01 - $25.00, 160,211 options outstanding in the range from $25.01 - $30.00, and 206,873 options outstanding in the range from $30.01 - $38.10. At December 31, 2016, the exercisable options have a weighted average remaining contractual life of approximately five years and a weighted average exercise price of $19.97. 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 2016, 2015 and 2014 was approximately $1.3 million, $5.2 million, and $0.2 million, respectively. The total intrinsic value of exercisable shares at December 31, 2016 was approximately $12.2 million. Restricted Stock Restricted Weighted Balance – December 31, 2013 62,363 $ 16.50 Granted 33,136 23.80 Vested* (29,268 ) 19.26 Forfeited - - Balance – December 31, 2014 66,231 $ 18.62 Granted - - Vested* (29,261 ) 19.26 Forfeited (280 ) 16.50 Balance – December 31, 2015 36,690 $ 18.70 Granted 31,466 33.68 Vested* (25,207 ) 23.58 Forfeited - - Balance – December 31, 2016 42,949 $ 26.80 * The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding at the minimum statutory withholding rate, and accordingly 7,851 shares, 7,715 shares and 5,821 shares were surrendered during 2016, 2015 and 2014, respectively. The Company recognized $1.6 million, $1.2 million and $1.0 million of stock-based employee compensation expense during the years ended December 31, 2016, 2015 and 2014, respectively, associated with its stock equity awards. As of December 31, 2016, there was approximately $4.5 million of unrecognized compensation cost related to equity award grants. The cost is expected to be recognized over the remaining vesting period of approximately four years. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 14. STOCKHOLDERS’ EQUITY During 2014, a common stock repurchase program was authorized to use up to $12 million to repurchase up to 625,000 shares of Nicolet common stock as an alternative use of capital. On July 21, 2015, a modification to the current stock repurchase program was approved, adding $6 million more to repurchase up to 175,000 more shares of its common stock. On January 17, 2017, the stock repurchase program was modified again, adding $12 million more to repurchase up to 250,000 more shares of its common stock. This brings the total authorization to $30 million to repurchase up to 1,050,000 shares of outstanding common stock. Through December 31, 2016, $14.2 million was used to repurchase and cancel 518,609 shares at a weighted average price of $27.31 per share including commissions. On April 29, 2016, in connection with its acquisition of Baylake, the Company issued 4,344,243 shares of its common stock for consideration of $163.3 million, and recorded $1.2 million consideration for assumed stock options. Approximately $0.3 million of common stock issuance expenses related to the transaction were incurred and charged against additional paid in capital. In connection with the financial advisor business acquisition that completed April 1, 2016, the Company issued $2.6 million in common stock consideration. On February 24, 2016, Nicolet’s common stock moved off the OTCBB and began trading on the Nasdaq Capital Market, also under the trading symbol of “NCBS.” |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 15. INCOME TAXES The current and deferred amounts of income tax expense were as follows: (in thousands) 2016 2015 2014 Current $ 6,033 $ 5,486 $ 4,675 Deferred 3,338 603 (68 ) Income tax expense $ 9,371 $ 6,089 $ 4,607 The differences between the income tax expense recognized and the amount computed by applying the statutory federal income tax rate to the income before income taxes, less noncontrolling interest, for the years ended December 31, 2016, 2015 and 2014 are included in the following table. (in thousands) 2016 2015 2014 Tax on pretax income, less noncontrolling interest, at statutory rates $ 9,742 $ 5,956 $ 4,949 State income taxes, net of federal effect 1,339 980 594 Tax-exempt interest income (769 ) (430 ) (317 ) Non-deductible interest disallowance 18 15 18 Increase in cash surrender value life insurance (452 ) (338 ) (289 ) Non-deductible business entertainment 106 94 81 Non-deductible merger expenses 18 106 - Stock-based employee compensation (35 ) 20 62 Other, net (596 ) (314 ) (491 ) Income tax expense $ 9,371 $ 6,089 $ 4,607 The net deferred tax asset includes the following amounts of deferred tax assets and liabilities at December 31: (in thousands) 2016 2015 Deferred tax assets: ALLL $ 13,975 $ 6,360 Net operating loss carryforwards 3,058 2,603 Credit carryforwards 981 13 Other real estate 1,350 112 Compensation 3,727 804 Other 949 190 Unrealized loss on securities AFS 1,743 - Total deferred tax asset 25,783 10,082 Deferred tax liabilities: Premises and equipment (681 ) (830 ) Prepaid expenses (808 ) (327 ) Investment securities (2,856 ) (148 ) Core deposit and other intangibles (6,125 ) (378 ) Estimated section 382 limitation (561 ) (980 ) Purchase accounting adjustments to liabilities (3,192 ) (1,561 ) Other (621 ) - Unrealized gain on securities AFS - (626 ) Total deferred tax liability (14,844 ) (4,850 ) Net deferred tax asset $ 10,939 $ 5,232 A valuation allowance is required if it is more likely than not that some portion of the deferred tax asset will not be realized. At December 31, 2016 and 2015, no valuation allowance was determined to be necessary. At December 31, 2016, the Company had a federal and state net operating loss carryforward of $5.3 million and $23.4 million, respectively. Of these amounts, the entire $5.3 million of federal net operating loss carryover and $21.0 million of the state net operating loss carryover were the result of the Company’s mergers with Mid-Wisconsin and Baylake. Both the federal and state net operating loss carryovers resulting from the mergers have been included in the IRC section 382 limitation calculation and are being limited to the overall amount expected to be realized. The full $2.4 million state net operating loss carried over from the Company’s regular operations is expected to be utilized over the next 17 years and will not expire. The Company’s federal income tax returns are open and subject to examination from the 2013 tax return year and forward. The years open to examination by state and local government authorities varies by jurisdiction. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 16. COMMITMENTS AND CONTINGENCIES The Company is party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, financial guarantees, and standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized on the consolidated balance sheets. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Company uses the same credit policies in making commitments and issuing letters of credit as they do for on-balance-sheet instruments. A summary of the contract or notional amount of the Company’s exposure to off-balance-sheet risk as of December 31 is as follows: (in thousands) 2016 2015 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 554,980 $ 302,591 Financial letters of credit 12,444 2,610 Standby letters of credit 4,898 4,314 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Credit card commitments are generally unsecured. Financial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Financial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Both of these guarantees are primarily issued to support public and private borrowing arrangements and, generally, have terms of one year or less. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company holds collateral, which may include accounts receivable, inventory, property, equipment, and income-producing properties, supporting those commitments if deemed necessary. For standby letters of credit, in the event the customer does not perform in accordance with the terms of the agreement with the third-party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount. If the commitment is funded, the Company would be entitled to seek recovery from the customer. At December 31, 2016 and 2015, no amounts have been recorded as liabilities for the Company’s potential obligations under these guarantees. The Company has federal funds accommodations with other financial institutions where funds may be borrowed on a short-term basis at the market rate in effect at the time of the borrowing. The total federal funds accommodations as of December 31, 2016 and 2015 were $75 million. At December 31, 2016 and 2015, the Company had no outstanding balance on these lines. In the normal course of business, the Company is involved in various legal proceedings. In the opinion of management, any liability resulting from such proceedings would not have a material adverse effect on the consolidated financial statements. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 17. RELATED PARTY TRANSACTIONS The Company conducts transactions, in the normal course of business, with its directors and officers, including companies in which they have a beneficial interest. It is the Company’s policy to comply with federal regulations that require that these transactions with directors and executive officers be made on substantially the same terms as those prevailing at the time made for comparable transactions to other persons. Related party loans totaled approximately $54.0 million and $25.4 million at December 31, 2016 and 2015, respectively. During 2004, the Company entered into a joint venture (50% ownership by the Company) with the Firm in connection with the building of the Company’s new headquarters facility. The Firm is considered a related party, as one of its principals is a Board member and shareholder of the Company. During 2016, 2015 and 2014, the Bank incurred approximately $1.1 million, $1.2 million and $1.2 million, respectively, in rent expense to the joint venture. In August 2011, the Company opened a new branch location in a facility which is leased from an entity owned by the Firm on terms considered by management to be arms-length and incurred less than $120,000 annually of rent expense on this facility during 2016, 2015, and 2014. In October 2013, the Company entered into a lease for a new branch location in a facility owned by a different member of the Company’s Board on terms considered by management to be arms-length and incurred less than $120,000 annually of rent expense on this facility during 2016, 2015, and 2014. In February 2016, the Company entered into a lease agreement for a location owned by a relative of a management team member. The building is to be used by a subsidiary of the Company on terms considered to be arms-length and incurred less than $120,000 of lease expense for the partial year. This amount is expected to exceed $120,000 in future years based on a full year of lease expense. This same individual received approximately $420,000 for his services to the Company during 2016. In addition, a payment of approximately $400,000 was made to another relative of the management team member for his services to the Company. |
GAIN ON SALE OR WRITE-DOWN OF A
GAIN ON SALE OR WRITE-DOWN OF ASSETS, NET | 12 Months Ended |
Dec. 31, 2016 | |
Gain Loss On Sale And Writedown Of Assets [Abstract] | |
GAIN ON SALE OR WRITE-DOWN OF ASSETS, NET | NOTE 18. GAIN ON SALE OR WRITE-DOWN OF ASSETS, NET Components of the net gain on sale or write-down of assets are as follows for the years ended December 31: (in thousands) 2016 2015 2014 Gain on sale of securities, net $ 78 $ 625 $ 341 Gain on sale of OREO, net 666 1,471 842 Write-down of OREO - (424 ) - Write-down of other investment (500 ) - - Gain (loss) on sale or disposition of other assets, net (190 ) 54 (644 ) Gain on sale or write-down of assets, net $ 54 $ 1,726 $ 539 |
REGULATORY CAPITAL REQUIREMENTS
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS | NOTE 19. REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company and Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk-weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of Total, Tier 1 and common equity Tier 1 (“CET1”) capital (as defined in the regulations) to risk-weighted assets (as defined), and Tier 1 capital (as defined) to average assets (as defined). Management believes, as of December 31, 2016 and 2015, that the Company and the Bank met all capital adequacy requirements to which they are subject. As of December 31, 2016 and 2015, the most recent notifications from the regulatory agencies categorized the Bank as well-capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized, an institution must maintain minimum Total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios as set forth in the following table. There are no conditions or events since these notifications that management believes have changed the Bank’s category. The Company’s and the Bank’s actual regulatory capital amounts and ratios as of December 31, 2016 and 2015 are presented in the following table. Actual For Capital Adequacy To Be Well Capitalized (dollars in thousands) Amount Ratio (1) Amount Ratio (1) Amount Ratio (1) As of December 31, 2016: Company Total risk-based capital $ 249,723 13.9 % $ 144,195 8.0 % Tier 1 risk-based capital 226,018 12.5 108,146 6.0 Common equity Tier 1 capital 202,313 11.2 81,110 4.5 Leverage 226,018 10.3 87,566 4.0 Bank Total risk-based capital $ 217,682 12.1 % $ 144,322 8.0 % $ 180,403 10.0 % Tier 1 risk-based capital 205,862 11.4 108,242 6.0 144,322 8.0 Common equity Tier 1 capital 205,862 11.4 81,181 4.5 117,262 6.5 Leverage 205,862 9.4 87,329 4.0 109,161 5.0 As of December 31, 2015: Company Total risk-based capital $ 140,691 14.8 % $ 75,972 8.0 % Tier 1 risk-based capital 118,535 12.5 56,979 6.0 Common equity Tier 1 capital 94,346 9.9 42,697 4.5 Leverage 118,535 10.0 47,627 4.0 Bank Total risk-based capital $ 122,206 13.1 % $ 74,903 8.0 % $ 93,629 10.0 % Tier 1 risk-based capital 111,899 12.0 56,178 6.0 74,903 8.0 Common equity Tier 1 capital 111,899 12.0 42,133 4.5 60,859 6.5 Leverage 111,899 9.5 47,036 4.0 58,794 5.0 (1) The Total risk-based capital ratio is defined as Tier 1 capital plus tier 2 capital divided by total risk-weighted assets. The Tier 1 risk-based capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. CET1 risk-based capital ratio is defined as Tier 1 capital, with deductions for goodwill and other intangible assets (other than mortgage servicing assets), net of associated deferred tax liabilities, and limitations on the inclusion of deferred tax assets, mortgage servicing assets and investments in other financial institutions, in each case as provided further in the rules, divided by total risk-weighted assets. The Leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets as adjusted. (2) Prompt corrective action provisions are not applicable at the bank holding company level. A source of income and funds for the Company are dividends from the Bank. Dividends declared by the Bank that exceed the retained net income for the most current year plus retained net income for the preceding two years must be approved by Federal regulatory agencies. During the third quarter of 2016, the Bank requested approval from the regulatory agencies to pay a $15 million special dividend from Bank surplus and it was approved. At December 31, 2016, the Bank could pay dividends of approximately $1.1 million without seeking regulatory approval. |
FAIR VALUE OF FINANCIAL INFORMA
FAIR VALUE OF FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INFORMATION | NOTE 20. FAIR VALUE OF FINANCIAL INFORMATION 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 consolidated 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: 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 $ 1,963 $ - $ 1,963 $ - State, county and municipals 187,243 - 186,717 526 Mortgage-backed securities 159,129 - 159,076 53 Corporate debt securities 12,169 - 3,640 8,529 Equity securities 4,783 4,783 - - Securities AFS, December 31, 2016 $ 365,287 $ 4,783 $ 351,396 $ 9,108 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 table presents the changes in Level 3 assets measured at fair value on a recurring basis during the years ended December 31: Securities AFS Level 3 Fair Value Measurements ($ in thousands): 2016 2015 (in thousands) Balance at beginning of year $ 1,666 $ 796 Purchases 2,250 920 Acquired balance 5,192 - Sales/settlements - (50 ) Balance at end of year $ 9,108 $ 1,666 The following is a description of the valuation methodologies used by the Company for the items noted in the tables above. 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 corporate debt securities. At December 31, 2016 and 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 the corporate debt securities. The following table presents the Company’s collateral-dependent impaired loans and OREO measured at fair value on a nonrecurring basis as of December 31, 2016 and 2015, aggregated by the level in the fair value hierarchy within which those measurements fall. Fair Value Measurements Using Measured at Fair Value on a Nonrecurring Basis: Total Level 1 Level 2 Level 3 (in thousands) December 31, 2016: Impaired loans $ 19,217 $ - $ - $ 19,217 OREO 2,059 - - 2,059 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 Company is required under accounting guidance to report the fair value of all financial instruments in the consolidated balance sheets, including those financial instruments carried at cost. The carrying amounts and estimated fair values of the Company's financial instruments at December 31, 2016 and 2015 are shown below. December 31, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 129,103 $ 129,103 $ 129,103 $ - $ - Certificates of deposit in other banks 3,984 3,992 - 3,992 - Securities AFS 365,287 365,287 4,783 351,396 9,108 Other investments 17,499 17,499 - 15,779 1,720 Loans held for sale 6,913 6,968 - 6,968 - Loans, net 1,557,087 1,568,676 - - 1,568,676 BOLI 54,134 54,134 54,134 - - MSR asset 1,922 2,013 - - 2,013 Financial liabilities: Deposits $ 1,969,986 $ 1,969,973 $ - $ - $ 1,969,973 Notes payable 1,000 1,002 - 1,002 - Junior subordinated debentures 24,732 24,095 - - 24,095 Subordinated notes 11,885 11,459 - - 11,459 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 - - MSR asset 193 249 - - 249 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 ASC 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, BOLI, 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: Securities AFS and other investments Loans held for sale: Loans, net MSR asset: Deposits Notes payable Junior subordinated debentures Subordinated notes Off-balance-sheet instruments Limitations |
PARENT COMPANY ONLY FINANCIAL I
PARENT COMPANY ONLY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY ONLY FINANCIAL INFORMATION | NOTE 21. PARENT COMPANY ONLY FINANCIAL INFORMATION Condensed parent company only financial statements of Nicolet Bankshares, Inc. follow: Balance Sheets December 31, (in thousands) 2016 2015 Assets Cash and due from subsidiary $ 28,265 $ 13,632 Investments 6,361 6,754 Investments in subsidiaries 284,416 115,504 Goodwill (2,850 ) - Other assets 398 342 Total assets $ 316,590 $ 136,232 Liabilities and Stockholders’ Equity Junior subordinated debentures $ 24,732 $ 12,527 Subordinated debt 11,885 11,849 Other liabilities 4,026 2,355 Stockholders’ equity 275,947 109,501 Total liabilities and stockholders’ equity $ 316,590 $ 136,232 Statements of Income Years ended December 31, (in thousands) 2016 2015 2014 Interest income $ 58 $ 90 $ 68 Interest expense 1,951 1,375 875 Net interest expense (1,893 ) (1,285 ) (807 ) Dividend income from subsidiaries 35,500 11,000 9,060 Operating expense (202 ) (258 ) (164 ) Gain (loss) on investments, net (500 ) 228 341 Bargain purchase gain - - - Income tax benefit 833 375 135 Earnings before equity in undistributed income of subsidiaries 33,738 10,060 8,565 Equity in undistributed income (loss) of subsidiaries (15,276 ) 1,368 1,384 Net income $ 18,462 $ 11,428 $ 9,949 Statements of Cash Flows Years ended December 31, (in thousands) 2016 2015 2014 Cash Flows From Operating Activities: Net Income attributable to Nicolet Bankshares, Inc. $ 18,462 $ 11,428 $ 9,949 Adjustments to reconcile net income to net cash provided by operating activities: Accretion of discounts 353 228 199 Gain (loss) on investments, net 500 (228 ) (341 ) Change in other assets and liabilities, net 395 (160 ) 506 Equity in undistributed earnings of subsidiaries, net of dividends received 15,276 (1,368 ) (1,444 ) Net cash provided by operating activities 34,986 9,900 8,869 Cash Flows from Investing Activities: Proceeds from sale of investments 565 378 531 Purchases of investments - (1,774 ) (791 ) Capital infusion to subsidiary - - (1,200 ) Net cash from business combinations (608 ) - - Net cash used by investing activities (43 ) (1,396 ) (1,460 ) Cash Flows From Financing Activities: Purchase and cancellation of treasury stock (5,201 ) (4,381 ) (5,770 ) Proceeds from issuance of common stock, net 1,900 1,721 887 Capitalized issuance costs, net (260 ) - - Proceeds from issuance of subordinated debt, net - 11,820 - Redemption of preferred stock (SBLF) (12,200 ) (12,200 ) - Repayment of long-term debt (3,916 ) Noncontrolling interest in joint venture - - 60 Cash dividends paid on preferred stock (633 ) (212 ) (244 ) Net cash used by financing activities (20,310 ) (3,252 ) (5,067 ) Net increase in cash 14,633 5,252 2,342 Beginning cash 13,632 8,380 6,038 Ending cash $ 28,265 $ 13,632 $ 8,380 |
SALE OF BRANCHES
SALE OF BRANCHES | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SALE OF BRANCHES | NOTE 22. SALE OF BRANCHES On August 7, 2015, the Company completed the sale of its Neillsville and Fairchild, WI branches, which reduced deposits by $34 million, loans by $13 million, fixed assets by $1 million and cash by $20 million, and resulted in $0.1 million recorded in miscellaneous income. |
PENDING MERGER TRANSACTION
PENDING MERGER TRANSACTION | 12 Months Ended |
Dec. 31, 2016 | |
Pending Merger Transaction [Abstract] | |
PENDING MERGER TRANSACTION | NOTE 23. PENDING MERGER TRANSACTION On November 4, 2016 Nicolet announced the signing of a definitive merger agreement (“Merger Agreement”) with First Menasha Bancshares, Inc. (“First Menasha”) under which First Menasha will merge with and into Nicolet to create the largest community bank in the Fox Valley area of Wisconsin. Based upon the financial results as of December 31, 2016, the combined company would have total assets of approximately $2.8 billion, deposits of $2.4 billion and loans of $1.9 billion. The merger transaction is expected to close in April 2017 and is subject to customary closing conditions, including approval by shareholders of First Menasha and regulatory approvals. |
NATURE OF BUSINESS AND SIGNIF32
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Principles of Consolidation | Principles of Consolidation |
Operating Segment | Operating Segment: |
Use of Estimates | Use of 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. |
Business Combinations | Business Combinations: Business Combinations |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Securities Available For Sale ("AFS") | Securities Available for Sale (“AFS”) Realized gains or losses on securities sales (using the specific identification method) and declines in value judged to be other-than-temporary are included in the consolidated statements of income under gain on sale and write-down of assets, net. Premiums and discounts are amortized or accreted into interest income over the life of the related securities using the effective interest method. Management evaluates investment securities for other-than-temporary impairment on at least an annual basis. A decline in the market value of any investment below amortized cost that is deemed other-than-temporary is charged to earnings for the decline in value deemed to be credit related and a new cost basis in the security is established. The decline in value attributed to non-credit related factors considered temporary in nature is recognized in other comprehensive income. In evaluating other-than-temporary impairment, management considers the length of time and extent to which the fair value has been less than cost, and the financial condition and near-term prospects of the issuer for a period sufficient to allow for any anticipated recovery in fair value in the near term. |
Other Investments | Other Investments |
Loans Held for Sale | Loans Held for Sale |
Mortgage Servicing Rights ("MSRs") | Mortgage Servicing Rights (“MSRs”): |
Credit-Related Financial Instruments | Credit-Related Financial Instruments |
Transfers of Financial Assets | Transfers of Financial Assets |
Premises and Equipment | Premises and Equipment Estimated useful lives of new premises and equipment generally range as follows: Building and improvements 25 – 39 years Leasehold improvements 5 – 15 years Furniture and equipment 3 – 10 years |
Other Real Estate Owned ("OREO") | Other Real Estate Owned (“OREO”) |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Management periodically reviews the carrying value of its long-lived and intangible assets to determine if any impairment has occurred or whether changes in circumstances have occurred that would require a revision to the remaining useful life, in which case an impairment charge would be recorded as an expense in the period of impairment. In making such determination, management evaluates whether there are any adverse qualitative factors indicating that an impairment may exist, as well as the performance, on an undiscounted basis, of the underlying operations or assets which give rise to the intangible. The Company’s annual assessments indicated no impairment charge on goodwill or other intangibles was required for 2016 or 2015. |
Bank-owned Life Insurance ("BOLI") | Bank-owned Life Insurance (“BOLI”): |
Short-term Borrowings | Short-term Borrowings |
Stock-based Compensation Plans | Stock-based Compensation Plans: 2016 2015 Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 1.52 % 1.68 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 11.04 $ 8.11 |
Income Taxes | Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income tax assets and liabilities are computed annually for differences between the financial statement and tax bases of assets and liabilities that will result in taxable or deductible amounts in the future based on enacted tax rates applicable to the periods in which the differences are expected to affect taxable income. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Valuation allowances are established when it is more likely than not that a portion of the full amount of the deferred tax asset will not be realized. In assessing the ability to realize deferred tax assets, management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies. At acquisition, deferred taxes were evaluated in respect to the acquired assets and assumed liabilities (including the acquired net operating losses), and a net deferred tax asset was recorded. Certain limitations within the provisions of the tax code are placed on the amount of net operating losses which can be utilized as part of acquisition accounting rules and were incorporated into the calculation of the deferred tax asset. In addition, a portion of the fair market value discounts on PCI loans which resolved in the first twelve months after the acquisition were disallowed under provisions of the tax code. The Company may also recognize a liability for unrecognized tax benefits from uncertain tax positions. Unrecognized tax benefits represent the differences between a tax position taken or expected to be taken in a tax return and the benefit recognized and measured in the consolidated financial statements. At December 31, 2016, the Company determined it had no significant uncertain tax positions. Interest and penalties related to unrecognized tax benefits are classified as income tax expense. |
Earnings Per Common Share | Earnings per Common Share Earnings per common share and related information are summarized as follows: Years ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income, net of noncontrolling interest $ 18,462 $ 11,428 $ 9,949 Less preferred stock dividends 633 212 244 Net income available to common shareholders $ 17,829 $ 11,216 $ 9,705 Weighted average common shares outstanding 7,158 4,004 4,165 Effect of dilutive stock instruments 356 358 146 Diluted weighted average common shares outstanding 7,514 4,362 4,311 Basic earnings per common share $ 2.49 $ 2.80 $ 2.33 Diluted earnings per common share $ 2.37 $ 2.57 $ 2.25 There were no options to purchase shares that were excluded from the calculation of diluted earnings per share at December 31, 2016. Options to purchase approximately 0.2 million shares were outstanding at the year ending December 31, 2015 but are excluded from the calculation of diluted earnings per common share as the effect would have been anti-dilutive. |
Treasury Stock | Treasury Stock |
Comprehensive Income | Comprehensive Income |
Reclassifications | Reclassifications |
Recent Accounting Developments Adopted | Recent Accounting Developments Adopted |
Originated Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans and Allowance for Loan Losses ("ALLL") | Loans and Allowance for Loan Losses (“ALLL”) – Originated Loans 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, all material loans in nonaccrual status are evaluated for impairment, together with additional loans having impairment risk characteristics. For this purpose, management has defined “material” to be a credit relationship of more than $250,000. 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. Typically, impairment amounts for loans under the scope criteria are charged off when the impairment amount is determined. The ALLL is a reserve for estimated credit losses on individually evaluated loans determined to be impaired as well as estimated credit losses inherent in the loan portfolio. Actual credit losses, net of recoveries, are deducted from the ALLL. Loans are charged off when management believes that the collectability of the principal is unlikely. Subsequent recoveries, if any, are credited to the ALLL. A provision for loan losses, which is a charge against earnings, is recorded to bring the ALLL to a level that, in management’s judgment, is adequate to absorb probable losses in the loan portfolio. The allocation methodology applied by the Company is designed to assess the appropriateness of the ALLL and 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 a 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 total allowance is available to absorb losses from any segment of the loan portfolio. Management believes the ALLL is appropriate at December 31, 2016. The allowance analysis is reviewed by the Board on a quarterly basis in compliance with regulatory requirements. In addition, various regulatory agencies periodically review the ALLL. These agencies may require the Company to make additions to the ALLL based on their judgments of collectability based on information available to them at the time of their examination. |
Acquired Loans | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Loans and Allowance for Loan Losses ("ALLL") | Loans and ALLL – Acquired Loans: PCI loans are accounted for under the accounting guidance for loans and debt securities acquired with deteriorated credit quality, found in FASB ASC Topic 310-30, Receivables—Loans and Debt Securities Acquired with Deteriorated Credit Quality Performing acquired loans are accounted for under FASB ASC Topic 310-20, Receivables—Nonrefundable Fees and Other Costs An ALLL is calculated using a methodology similar to that described for originated loans. Performing acquired loans are subsequently evaluated for any required allowance at each reporting date. Such required allowance for each loan pool is compared to the remaining fair value discount for that pool. If greater, the excess is recognized as an addition to the allowance through a provision for loan losses. If less than the discount, no additional allowance is recorded. Charge-offs and losses first reduce any remaining fair value discount for the loan pool and once the discount is depleted, losses are applied against the allowance established for that pool. For PCI loans after acquisition, cash flows expected to be collected are recast for each loan periodically as determined appropriate by management. If the present value of expected cash flows for a loan is less than its carrying value, impairment is reflected by an increase in the ALLL and a charge to the provision for loan losses. If the present value of the expected cash flows for a loan is greater than its carrying value, any previously established ALLL is reversed and any remaining difference increases the accretable yield which will be taken into income over the remaining life of the loan. Loans which were considered troubled debt restructurings by Mid-Wisconsin and Baylake prior to the acquisitions are not required to be classified as troubled debt restructurings in the Company’s consolidated financial statements unless or 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. |
NATURE OF BUSINESS AND SIGNIF33
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives of premises and equipment | Building and improvements 25 – 39 years Leasehold improvements 5 – 15 years Furniture and equipment 3 – 10 years |
Schedule of weighted average assumptions used for valuing option grants | 2016 2015 Dividend yield 0 % 0 % Expected volatility 25 % 25 % Risk-free interest rate 1.52 % 1.68 % Expected average life 7 years 7 years Weighted average per share fair value of options $ 11.04 $ 8.11 |
Schedule of basic and diluted earnings per common share | Years ended December 31, (in thousands, except per share data) 2016 2015 2014 Net income, net of noncontrolling interest $ 18,462 $ 11,428 $ 9,949 Less preferred stock dividends 633 212 244 Net income available to common shareholders $ 17,829 $ 11,216 $ 9,705 Weighted average common shares outstanding 7,158 4,004 4,165 Effect of dilutive stock instruments 356 358 146 Diluted weighted average common shares outstanding 7,514 4,362 4,311 Basic earnings per common share $ 2.49 $ 2.80 $ 2.33 Diluted earnings per common share $ 2.37 $ 2.57 $ 2.25 |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | (in millions) As recorded by Fair Value As Recorded by 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 | Year Ended December 31, 2016 2015 (in thousands, except per share data) Total revenues, net of interest expense $ 110,788 $ 105,288 Net income 23,263 21,267 Diluted earnings per share 2.55 2.38 |
SECURITIES AVAILABLE FOR SALE (
SECURITIES AVAILABLE FOR SALE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Available-for-sale Securities [Abstract] | |
Schedule of amortized costs and fair values of securities AFS | December 31, 2016 Amortized Gross Gross Fair (in thousands) Cost Unrealized Gains Unrealized Losses Value U.S. government sponsored enterprises $ 1,981 $ - $ 18 $ 1,963 State, county and municipals 191,721 160 4,638 187,243 Mortgage-backed securities 161,309 242 2,422 159,129 Corporate debt securities 12,117 52 - 12,169 Equity securities 2,631 2,152 - 4,783 $ 369,759 $ 2,606 $ 7,078 $ 365,287 December 31, 2015 Amortized Gross Gross Fair (in thousands) Cost Unrealized Gains Unrealized Losses Value 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 | December 31, 2016 Less than 12 months 12 months or more Total (in thousands) Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized U.S. government sponsored enterprises $ 1,963 $ 18 $ - $ - $ 1,963 $ 18 State, county and municipals 167,457 4,629 1,300 9 168,757 4,638 Mortgage-backed securities 134,770 2,311 3,653 111 138,423 2,422 $ 304,190 $ 6,958 $ 4,953 $ 120 $ 309,143 $ 7,078 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 | December 31, 2016 (in thousands) Amortized Cost Fair Value Due in less than one year $ 9,833 $ 9,835 Due in one year through five years 81,288 80,847 Due after five years through ten years 106,416 102,401 Due after ten years 8,282 8,292 205,819 201,375 Mortgage-backed securities 161,309 159,129 Equity securities 2,631 4,783 Securities AFS $ 369,759 $ 365,287 |
LOANS AND ALLOWANCE FOR LOAN 36
LOANS AND ALLOWANCE FOR LOAN LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Schedule of loan composition and further breakdown summarized by originated and acquired | 2016 2015 (in thousands) Amount % of Total Amount % of Total Commercial & industrial $ 428,270 27.3 % $ 294,419 33.6 % Owner-occupied commercial real estate (“CRE”) 360,227 23.0 185,285 21.1 Agricultural (“AG”) production 34,767 2.2 15,018 1.7 AG real estate 45,234 2.9 43,272 4.9 CRE investment 195,879 12.5 78,711 9.0 Construction & land development 74,988 4.8 36,775 4.2 Residential construction 23,392 1.5 10,443 1.2 Residential first mortgage 300,304 19.1 154,658 17.6 Residential junior mortgage 91,331 5.8 51,967 5.9 Retail & other 14,515 0.9 6,513 0.8 Loans 1,568,907 100.0 % 877,061 100.0 % Less ALLL 11,820 10,307 Loans, net $ 1,557,087 $ 866,754 ALLL to loans 0.75 % 1.18 % 2016 2015 (in thousands) Originated % of Acquired % of Total Originated % of Acquired % of Commercial & industrial $ 330,073 36.6 % $ 98,197 14.7 % $ 284,023 38.4 % $ 10,396 7.6 % Owner-occupied CRE 182,776 20.3 177,451 26.6 153,563 20.7 31,722 23.2 AG production 9,192 1.0 25,575 3.8 6,849 0.9 8,169 6.0 AG real estate 18,858 2.1 26,376 4.0 25,464 3.4 17,808 13.0 CRE investment 72,930 8.1 122,949 18.4 58,949 8.0 19,762 14.4 Construction & land development 44,147 4.9 30,841 4.6 27,231 3.7 9,544 7.0 Residential construction 20,768 2.3 2,624 0.4 10,443 1.4 - - Residential first mortgage 164,949 18.3 135,355 20.3 122,373 16.5 32,285 23.5 Residential junior mortgage 48,199 5.3 43,132 6.5 44,889 6.1 7,078 5.2 Retail & other 10,095 1.1 4,420 0.7 6,351 0.9 162 0.1 Loans 901,987 100.0 % 666,920 100.0 % 740,135 100.0 % 136,926 100.0 % Less ALLL 9,449 2,371 8,714 1,593 Loans, net 892,538 664,549 731,421 135,333 ALLL to loans 1.05 % 0.36 % 1.18 % 1.16 % |
Schedule of changes in ALLL by portfolio segment and further breakdown summarized by originated and acquired | (in thousands) ALLL: 2016 2015 2014 Beginning balance $ 10,307 $ 9,288 $ 9,232 Provision 1,800 1,800 2,700 Charge-offs (584 ) (883 ) (2,743 ) Recoveries 297 102 99 Net charge-offs (287 ) (781 ) (2,644 ) Ending balance $ 11,820 $ 10,307 $ 9,288 TOTAL – 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Provision 451 1,037 65 (95 ) 118 (672 ) 157 593 14 132 1,800 Charge-offs (279 ) (108 ) - - - - - (80 ) (57 ) (60 ) (584 ) Recoveries 26 5 - - 221 - - 31 8 6 297 Net charge-offs (253 ) (103 ) - - 221 - - (49 ) (49 ) (54 ) (287 ) Ending balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 As percent of ALLL 33.2 % 24.3 % 1.3 % 2.4 % 9.5 % 6.5 % 2.6 % 15.1 % 3.9 % 1.2 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,919 2,867 150 285 1,124 774 304 1,784 461 152 11,820 Ending balance $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Loans: Individually evaluated $ 338 $ 2,588 $ 41 $ 240 $ 12,552 $ 694 $ 261 $ 2,204 $ 299 $ - $ 19,217 Collectively evaluated 427,932 357,639 34,726 44,994 183,327 74,294 23,131 298,100 91,032 14,515 1,549,690 Total loans $ 428,270 $ 360,227 $ 34,767 $ 45,234 $ 195,879 $ 74,988 $ 23,392 $ 300,304 $ 91,331 $ 14,515 $ 1,568,907 Less ALLL $ 3,919 $ 2,867 $ 150 $ 285 $ 1,124 $ 774 $ 304 $ 1,784 $ 461 $ 152 $ 11,820 Net loans $ 424,351 $ 357,360 $ 34,617 $ 44,949 $ 194,755 $ 74,214 $ 23,088 $ 298,520 $ 90,870 $ 14,363 $ 1,557,087 Originated – 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Provision 268 695 51 (77 ) 26 (725 ) 119 360 1 123 841 Charge-offs (262 ) (3 ) - - - - - - (53 ) (59 ) (377 ) Recoveries 9 4 - - 221 - - 25 7 5 271 Net charge-offs (253 ) 1 - - 221 - - 25 (46 ) (54 ) (106 ) Ending balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 As percent of ALLL 33.4 % 23.9 % 1.3 % 2.3 % 9.5 % 6.9 % 2.8 % 14.5 % 3.9 % 1.5 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,150 2,263 122 222 893 656 266 1,372 373 132 9,449 Ending balance $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Loans: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 330,073 182,776 9,192 18,858 72,930 44,147 20,768 164,949 48,199 10,095 901,987 Total loans $ 330,073 $ 182,776 $ 9,192 $ 18,858 $ 72,930 $ 44,147 $ 20,768 $ 164,949 $ 48,199 $ 10,095 $ 901,987 Less ALLL $ 3,150 $ 2,263 $ 122 $ 222 $ 893 $ 656 $ 266 $ 1,372 $ 373 $ 132 $ 9,449 Net loans $ 326,923 $ 180,513 $ 9,070 $ 18,636 $ 72,037 $ 43,491 $ 20,502 $ 163,577 $ 47,826 $ 9,963 $ 892,538 Acquired - 2016 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Provision 183 342 14 (18 ) 92 53 38 233 13 9 959 Charge-offs (17 ) (105 ) - - - - - (80 ) (4 ) (1 ) (207 ) Recoveries 17 1 - - - - - 6 1 1 26 Net charge-offs - (104 ) - - - - - (74 ) (3 ) - (181 ) Ending balance $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 As percent of ALLL 32.4 % 25.5 % 1.2 % 2.7 % 9.7 % 5.0 % 1.6 % 17.4 % 3.7 % 0.8 % 100.0 % Loans: Individually evaluated $ 338 $ 2,588 $ 41 $ 240 $ 12,552 $ 694 $ 261 $ 2,204 $ 299 $ - $ 19,217 Collectively evaluated 97,859 174,863 25,534 26,136 110,397 30,147 2,363 133,151 42,833 4,420 647,703 Total loans $ 98,197 $ 177,451 $ 25,575 $ 26,376 $ 122,949 $ 30,841 $ 2,624 $ 135,355 $ 43,132 $ 4,420 $ 666,920 Less ALLL $ 769 $ 604 $ 28 $ 63 $ 231 $ 118 $ 38 $ 412 $ 88 $ 20 $ 2,371 Net loans $ 97,428 $ 176,847 $ 25,547 $ 26,313 $ 122,718 $ 30,723 $ 2,586 $ 134,943 $ 43,044 $ 4,400 $ 664,549 TOTAL – 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 868 928 32 154 307 (1,239 ) 7 438 258 47 1,800 Charge-offs (374 ) (229 ) - - (50 ) - - (84 ) (111 ) (35 ) (883 ) Recoveries 36 4 - - 17 - - 20 12 13 102 Net charge-offs (338 ) (225 ) - - (33 ) - - (64 ) (99 ) (22 ) (781 ) Ending balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 As percent of ALLL 36.2 % 18.8 % 0.8 % 3.7 % 7.6 % 14.0 % 1.4 % 12.0 % 4.8 % 0.7 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,721 1,933 85 380 785 1,446 147 1,240 496 74 10,307 Ending balance $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Loans: Individually evaluated $ 142 $ 950 $ 39 $ 252 $ 1,301 $ 280 $ - $ 460 $ 142 $ - $ 3,566 Collectively evaluated 294,277 184,335 14,979 43,020 77,410 36,495 10,443 154,198 51,825 6,513 873,495 Total loans $ 294,419 $ 185,285 $ 15,018 $ 43,272 $ 78,711 $ 36,775 $ 10,443 $ 154,658 $ 51,967 $ 6,513 $ 877,061 Less ALLL $ 3,721 $ 1,933 $ 85 $ 380 $ 785 $ 1,446 $ 147 $ 1,240 $ 496 $ 74 $ 10,307 Net loans $ 290,698 $ 183,352 $ 14,933 $ 42,892 $ 77,926 $ 35,329 $ 10,296 $ 153,418 $ 51,471 $ 6,439 $ 866,754 Originated – 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ 3,191 $ 1,230 $ 53 $ 226 $ 511 $ 2,685 $ 140 $ 866 $ 337 $ 49 $ 9,288 Provision 282 490 18 73 118 (1,304 ) 7 189 171 36 80 Charge-offs (374 ) (157 ) - - - - - (84 ) (91 ) (35 ) (741 ) Recoveries 36 4 - - 17 - - 16 1 13 87 Net charge-offs (338 ) (153 ) - - 17 - - (68 ) (90 ) (22 ) (654 ) Ending balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 As percent of ALLL 36.1 % 18.0 % 0.8 % 3.4 % 7.4 % 15.8 % 1.7 % 11.3 % 4.8 % 0.7 % 100.0 % ALLL: Individually evaluated $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Collectively evaluated 3,135 1,567 71 299 646 1,381 147 987 418 63 8,714 Ending balance $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Loans: Individually evaluated $ - $ - $ - $ - $ 387 $ - $ - $ - $ - $ - $ 387 Collectively evaluated 284,023 153,563 6,849 25,464 58,562 27,231 10,443 122,373 44,889 6,351 739,748 Total loans $ 284,023 $ 153,563 $ 6,849 $ 25,464 $ 58,949 $ 27,231 $ 10,443 $ 122,373 $ 44,889 $ 6,351 $ 740,135 Less ALLL $ 3,135 $ 1,567 $ 71 $ 299 $ 646 $ 1,381 $ 147 $ 987 $ 418 $ 63 $ 8,714 Net loans $ 280,888 $ 151,996 $ 6,778 $ 25,165 $ 58,303 $ 25,850 $ 10,296 $ 121,386 $ 44,471 $ 6,288 $ 731,421 Acquired - 2015 (in thousands) Commercial Owner- AG AG real CRE Construction Residential Residential Residential Retail & Total ALLL: Beginning balance $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Provision 586 438 14 81 189 65 - 249 87 11 1,720 Charge-offs - (72 ) - - (50 ) - - - (20 ) - (142 ) Recoveries - - - - - - - 4 11 - 15 Net charge-offs - (72 ) - - (50 ) - - 4 (9 ) - (127 ) Ending balance $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 As percent of ALLL 36.7 % 23.0 % 0.9 % 5.1 % 8.7 % 4.1 % - % 15.9 % 4.9 % 0.7 % 100.0 % Loans: Individually evaluated $ 142 $ 950 $ 39 $ 252 $ 914 $ 280 $ - $ 460 $ 142 $ - $ 3,179 Collectively evaluated 10,254 30,772 8,130 17,556 18,848 9,264 - 31,825 6,936 162 133,747 Total loans $ 10,396 $ 31,722 $ 8,169 $ 17,808 $ 19,762 $ 9,544 $ - $ 32,285 $ 7,078 $ 162 $ 136,926 Less ALLL $ 586 $ 366 $ 14 $ 81 $ 139 $ 65 $ - $ 253 $ 78 $ 11 $ 1,593 Net loans $ 9,810 $ 31,356 $ 8,155 $ 17,727 $ 19,623 $ 9,479 $ - $ 32,032 $ 7,000 $ 151 $ 135,333 |
Schedule of nonaccrual loans by portfolio segment and further breakdown summarized by originated and acquired | Total Nonaccrual Loans (in thousands) 2016 % to Total 2015 % to Total Commercial & industrial $ 358 1.8 % $ 204 5.8 % Owner-occupied CRE 2,894 14.3 951 26.9 AG production 9 0.1 13 0.4 AG real estate 208 1.0 230 6.5 CRE investment 12,317 60.6 1,040 29.4 Construction & land development 1,193 5.9 280 7.9 Residential construction 260 1.3 - - Residential first mortgage 2,990 14.7 674 19.1 Residential junior mortgage 56 0.3 141 4.0 Retail & other - - - - Nonaccrual loans $ 20,285 100.0 % $ 3,533 100.0 % As a further breakdown, nonaccrual loans as of December 31, 2016 and 2015 are summarized by originated and acquired as follows: 2016 (in thousands) Originated % to Total Acquired % to Total Commercial & industrial $ 4 1.6 % $ 354 1.8 % Owner-occupied CRE 42 16.3 2,852 14.2 AG production 7 2.7 2 0.1 AG real estate - - 208 1.0 CRE investment - - 12,317 61.4 Construction & land development - - 1,193 6.0 Residential construction - - 260 1.3 Residential first mortgage 204 79.4 2,786 13.9 Residential junior mortgage - - 56 0.3 Retail & other - - - - Nonaccrual loans $ 257 100.0 % $ 20,028 100.0 % 2015 (in thousands) Originated % to Total Acquired % to Total Commercial & industrial $ 49 8.4 % $ 155 5.3 % Owner-occupied CRE - - 951 32.1 AG production 13 2.2 - - AG real estate - - 230 7.8 CRE investment 387 66.7 653 22.1 Construction & land development - - 280 9.5 Residential construction - - - - Residential first mortgage 132 22.7 542 18.4 Residential junior mortgage - - 141 4.8 Retail & other - - - - Nonaccrual loans $ 581 100.0 % $ 2,952 100.0 % |
Schedule of past due loans by portfolio segment and further breakdown summarized by originated and acquired | Total Past Due Loans - 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 22 $ 358 $ 427,890 $ 428,270 Owner-occupied CRE 268 2,894 357,065 360,227 AG production - 9 34,758 34,767 AG real estate - 208 45,026 45,234 CRE investment - 12,317 183,562 195,879 Construction & land development - 1,193 73,795 74,988 Residential construction - 260 23,132 23,392 Residential first mortgage 486 2,990 296,828 300,304 Residential junior mortgage 200 56 91,075 91,331 Retail & other 15 - 14,500 14,515 Total loans $ 991 $ 20,285 $ 1,547,631 $ 1,568,907 As a percent of total loans 0.1 % 1.3 % 98.6 % 100.0 % Originated – 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ - $ 4 $ 330,069 $ 330,073 Owner-occupied CRE - 42 182,734 182,776 AG production - 7 9,185 9,192 AG real estate - - 18,858 18,858 CRE investment - - 72,930 72,930 Construction & land development - - 44,147 44,147 Residential construction - - 20,768 20,768 Residential first mortgage 81 204 164,664 164,949 Residential junior mortgage 13 - 48,186 48,199 Retail & other 3 - 10,092 10,095 Total loans $ 97 $ 257 $ 901,633 $ 901,987 As a percent of total loans 0.1 % 0.1 % 99.8 % 100.0 % Acquired – 2016 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 22 $ 354 $ 97,821 $ 98,197 Owner-occupied CRE 268 2,852 174,331 177,451 AG production - 2 25,573 25,575 AG real estate - 208 26,168 26,376 CRE investment - 12,317 110,632 122,949 Construction & land development - 1,193 29,648 30,841 Residential construction - 260 2,364 2,624 Residential first mortgage 405 2,786 132,164 135,355 Residential junior mortgage 187 56 42,889 43,132 Retail & other 12 - 4,408 4,420 Total loans $ 894 $ 20,028 $ 645,998 $ 666,920 As a percent of total loans 0.1 % 3.0 % 96.9 % 100.0 % Total Past Due Loans - 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 % Originated – 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ 50 $ 49 $ 283,924 $ 284,023 Owner-occupied CRE - - 153,563 153,563 AG production - 13 6,836 6,849 AG real estate - - 25,464 25,464 CRE investment - 387 58,562 58,949 Construction & land development - - 27,231 27,231 Residential construction - - 10,443 10,443 Residential first mortgage - 132 122,241 122,373 Residential junior mortgage 10 - 44,879 44,889 Retail & other 12 - 6,339 6,351 Total loans $ 72 $ 581 $ 739,482 $ 740,135 As a percent of total loans 0.1 % 0.1 % 99.8 % 100.0 % Acquired – 2015 (in thousands) 30-89 Days Past 90 Days & Current Total Commercial & industrial $ - $ 155 $ 10,241 $ 10,396 Owner-occupied CRE - 951 30,771 31,722 AG production 16 - 8,153 8,169 AG real estate - 230 17,578 17,808 CRE investment - 653 19,109 19,762 Construction & land development - 280 9,264 9,544 Residential construction - - - - Residential first mortgage 150 542 31,593 32,285 Residential junior mortgage - 141 6,937 7,078 Retail & other - - 162 162 Total loans $ 166 $ 2,952 $ 133,808 $ 136,926 As a percent of total loans 0.1 % 2.2 % 97.7 % 100.0 % |
Schedule of loans by loan grade | 2016 (in thousands) Grades 1- 4 Grade 5 Grade 6 Grade 7 Grade 8 Grade 9 Total Commercial & industrial $ 401,954 $ 16,633 $ 2,133 $ 7,550 $ - $ - $ 428,270 Owner-occupied CRE 340,846 14,758 193 4,430 - - 360,227 AG production 31,026 3,191 70 480 - - 34,767 AG real estate 41,747 2,727 - 760 - - 45,234 CRE investment 173,652 8,137 - 14,090 - - 195,879 Construction & land development 69,097 4,318 - 1,573 - - 74,988 Residential construction 22,030 1,102 - 260 - - 23,392 Residential first mortgage 295,109 1,348 192 3,655 - - 300,304 Residential junior mortgage 91,123 - 114 94 - - 91,331 Retail & other 14,515 - - - - - 14,515 Total loans $ 1,481,099 $ 52,214 $ 2,702 $ 32,892 $ - $ - $ 1,568,907 Percent of total 94.4 % 3.3 % 0.2 % 2.1 % - - 100.0 % 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 - 2016 (in thousands) Recorded Unpaid Principal Related Average Interest Income Commercial & industrial $ 338 $ 720 $ - $ 348 $ 34 Owner-occupied CRE 2,588 4,661 - 2,700 271 AG production 41 163 - 48 6 AG real estate 240 332 - 245 26 CRE investment 12,552 19,695 - 12,982 1,051 Construction & land development 694 2,122 - 752 112 Residential construction 261 1,348 - 287 82 Residential first mortgage 2,204 3,706 - 2,312 190 Residential junior mortgage 299 639 - 209 17 Retail & Other - 36 - - - Total $ 19,217 $ 33,422 $ - $ 19,883 $ 1,789 Total Impaired Loans - 2015 (in thousands) Recorded Unpaid Principal Related Average 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 breakdown, impaired loans as of December 31, 2015 are summarized by originated and acquired as follows: Originated - 2015 (in thousands) Recorded Unpaid Principal Related Average 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 – 2015 (in thousands) Recorded Unpaid Principal Related Average 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 |
Schedule of non accretable discount | Non-accretable discount on PCI loans Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 4,229 $ 6,596 Acquired balance, net 13,923 - Reclassifications from (to) non-accretable - - Accretion to loan interest income (3,458 ) (1,737 ) Disposals of loans (367 ) (630 ) Balance at end of period $ 14,327 $ 4,229 |
PREMISES AND EQUIPMENT (Tables)
PREMISES AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and equipment | (in thousands) 2016 2015 Land $ 5,466 $ 3,098 Land improvements 2,656 1,693 Building and improvements 39,598 27,515 Leasehold improvements 4,437 4,331 Furniture and equipment 13,753 10,443 65,910 47,080 Less accumulated depreciation and amortization 20,048 17,467 Premises and equipment, net $ 45,862 $ 29,613 |
Schedule of minimum annual rentals under noncancelable agreement | Years Ending December 31, (in thousands) 2017 $ 685 2018 673 2019 656 2020 648 2021 437 Thereafter 682 Total $ 3,781 |
GOODWILL AND INTANGIBLE ASSET38
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and other intangibles included in other assets | (in thousands) 2016 2015 Goodwill $ 66,743 $ 762 Core deposit intangibles 17,101 3,031 Customer list intangibles 4,094 - Other intangibles 21,195 3,031 Goodwill and other intangibles $ 87,938 $ 3,793 MSR asset $ 1,922 $ 193 |
Schedule of intangible assets | (in thousands) December 31, 2016 December 31, 2015 Core deposit intangibles: Gross carrying amount $ 25,345 $ 8,086 Accumulated amortization (8,244 ) (5,055 ) Net book value $ 17,101 $ 3,031 Additions during the period $ 17,259 $ - Amortization during the period $ 3,189 $ 1,027 Customer list intangibles: Gross carrying amount $ 4,363 $ - Accumulated amortization (269 ) - Net book value $ 4,094 $ - Additions during the period $ 4,363 $ - Amortization during the period $ 269 $ - |
Schedule of mortgage servicing rights | Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 193 $ - Additions during the period* 1,908 201 Sale proceeds (179 ) (8 ) Valuation allowance at end of period - - Net book value at end of period $ 1,922 $ 193 *Purchased MSR asset included in period $ 885 $ - Fair value of MSR asset at end of period $ 2,013 249 Residential mortgage loans serviced for others $ 295,353 34,940 Net book value of MSR asset to loans serviced for others 0.65 % 0.55 % |
Schedule of estimated future amortization expense for amortizing intangible assets | (in thousands) Core deposit Customer list MSR asset Year ending December 31, 2017 3,805 385 316 2018 3,254 385 316 2019 2,762 385 316 2020 2,156 385 300 2021 1,763 385 176 Thereafter 3,361 2,169 498 Total $ 17,101 $ 4,094 $ 1,922 |
OTHER REAL ESTATE OWNED (Tables
OTHER REAL ESTATE OWNED (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of summary of OREO | Years Ended December 31, (in thousands) 2016 2015 Balance at beginning of period $ 367 $ 1,966 Transfer of loans at net realizable value to OREO 237 986 Sale proceeds (1,999 ) (3,632 ) Net gain from sale of OREO 666 1,471 Write-down of OREO - (424 ) Acquired balance, net 2,788 - Balance at end of period $ 2,059 $ 367 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deposits [Abstract] | |
Schedule of maturities of time deposits | Years Ending December 31, (in thousands) 2017 $ 160,144 2018 76,738 2019 35,913 2020 22,530 2021 6,570 Thereafter - $ 301,895 |
NOTES PAYABLE (Tables)
NOTES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Payable [Abstract] | |
Schedule of notes payable | (in thousands) 2016 2015 Joint Venture note $ - $ 9,412 FHLB advances 1,000 6,000 Notes Payable $ 1,000 $ 15,412 |
Schedule of maturity of notes payable | Maturing in: (in thousands) 2017 $ - 2018 1,000 $ 1,000 |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock incentive plans for options | Stock Options Option Shares Weighted Exercisable Weighted Balance – December 31, 2013 793,157 $ 17.86 600,846 $ 18.25 Granted 221,000 23.80 Exercise of stock options (39,548 ) 16.01 Forfeited (6,750 ) 16.80 Balance – December 31, 2014 967,859 $ 19.30 630,121 $ 18.24 Granted 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 $ 19.09 Granted 170,500 36.86 Options assumed in acquisition 91,701 21.03 Exercise of stock options* (84,723 ) 20.98 Forfeited (1,456 ) 21.71 Balance – December 31, 2016 922,026 $ 24.39 439,639 $ 19.97 * The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements, and accordingly 10,244 shares and 167,779 shares were surrendered in 2016 and 2015, respectively, and no shares surrendered in 2014. |
Schedule of restricted stock awards | Restricted Stock Restricted Weighted Balance – December 31, 2013 62,363 $ 16.50 Granted 33,136 23.80 Vested* (29,268 ) 19.26 Forfeited - - Balance – December 31, 2014 66,231 $ 18.62 Granted - - Vested* (29,261 ) 19.26 Forfeited (280 ) 16.50 Balance – December 31, 2015 36,690 $ 18.70 Granted 31,466 33.68 Vested* (25,207 ) 23.58 Forfeited - - Balance – December 31, 2016 42,949 $ 26.80 * The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding at the minimum statutory withholding rate, and accordingly 7,851 shares, 7,715 shares and 5,821 shares were surrendered during 2016, 2015 and 2014, respectively. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of current and deferred amounts of income tax expense | (in thousands) 2016 2015 2014 Current $ 6,033 $ 5,486 $ 4,675 Deferred 3,338 603 (68 ) Income tax expense $ 9,371 $ 6,089 $ 4,607 |
Schedule of income tax reconciliation | (in thousands) 2016 2015 2014 Tax on pretax income, less noncontrolling interest, at statutory rates $ 9,742 $ 5,956 $ 4,949 State income taxes, net of federal effect 1,339 980 594 Tax-exempt interest income (769 ) (430 ) (317 ) Non-deductible interest disallowance 18 15 18 Increase in cash surrender value life insurance (452 ) (338 ) (289 ) Non-deductible business entertainment 106 94 81 Non-deductible merger expenses 18 106 - Stock-based employee compensation (35 ) 20 62 Other, net (596 ) (314 ) (491 ) Income tax expense $ 9,371 $ 6,089 $ 4,607 |
Schedule of net deferred tax asset | (in thousands) 2016 2015 Deferred tax assets: ALLL $ 13,975 $ 6,360 Net operating loss carryforwards 3,058 2,603 Credit carryforwards 981 13 Other real estate 1,350 112 Compensation 3,727 804 Other 949 190 Unrealized loss on securities AFS 1,743 - Total deferred tax asset 25,783 10,082 Deferred tax liabilities: Premises and equipment (681 ) (830 ) Prepaid expenses (808 ) (327 ) Investment securities (2,856 ) (148 ) Core deposit and other intangibles (6,125 ) (378 ) Estimated section 382 limitation (561 ) (980 ) Purchase accounting adjustments to liabilities (3,192 ) (1,561 ) Other (621 ) - Unrealized gain on securities AFS - (626 ) Total deferred tax liability (14,844 ) (4,850 ) Net deferred tax asset $ 10,939 $ 5,232 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of summary of the contract or notional amount of exposure to off-balance-sheet risk | (in thousands) 2016 2015 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 554,980 $ 302,591 Financial letters of credit 12,444 2,610 Standby letters of credit 4,898 4,314 |
GAIN ON SALE OR WRITE-DOWN OF45
GAIN ON SALE OR WRITE-DOWN OF ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Gain Loss On Sale And Writedown Of Assets [Abstract] | |
Schedule of components of the gain (loss) on sale, disposals and writedown of assets | (in thousands) 2016 2015 2014 Gain on sale of securities, net $ 78 $ 625 $ 341 Gain on sale of OREO, net 666 1,471 842 Write-down of OREO - (424 ) - Write-down of other investment (500 ) - - Gain (loss) on sale or disposition of other assets, net (190 ) 54 (644 ) Gain on sale or write-down of assets, net $ 54 $ 1,726 $ 539 |
REGULATORY CAPITAL REQUIREMEN46
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Banking and Thrift [Abstract] | |
Schedule of Bank's actual regulatory capital amounts and ratios | Actual For Capital Adequacy To Be Well Capitalized (dollars in thousands) Amount Ratio (1) Amount Ratio (1) Amount Ratio (1) As of December 31, 2016: Company Total risk-based capital $ 249,723 13.9 % $ 144,195 8.0 % Tier 1 risk-based capital 226,018 12.5 108,146 6.0 Common equity Tier 1 capital 202,313 11.2 81,110 4.5 Leverage 226,018 10.3 87,566 4.0 Bank Total risk-based capital $ 217,682 12.1 % $ 144,322 8.0 % $ 180,403 10.0 % Tier 1 risk-based capital 205,862 11.4 108,242 6.0 144,322 8.0 Common equity Tier 1 capital 205,862 11.4 81,181 4.5 117,262 6.5 Leverage 205,862 9.4 87,329 4.0 109,161 5.0 As of December 31, 2015: Company Total risk-based capital $ 140,691 14.8 % $ 75,972 8.0 % Tier 1 risk-based capital 118,535 12.5 56,979 6.0 Common equity Tier 1 capital 94,346 9.9 42,697 4.5 Leverage 118,535 10.0 47,627 4.0 Bank Total risk-based capital $ 122,206 13.1 % $ 74,903 8.0 % $ 93,629 10.0 % Tier 1 risk-based capital 111,899 12.0 56,178 6.0 74,903 8.0 Common equity Tier 1 capital 111,899 12.0 42,133 4.5 60,859 6.5 Leverage 111,899 9.5 47,036 4.0 58,794 5.0 (1) The Total risk-based capital ratio is defined as Tier 1 capital plus tier 2 capital divided by total risk-weighted assets. The Tier 1 risk-based capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. CET1 risk-based capital ratio is defined as Tier 1 capital, with deductions for goodwill and other intangible assets (other than mortgage servicing assets), net of associated deferred tax liabilities, and limitations on the inclusion of deferred tax assets, mortgage servicing assets and investments in other financial institutions, in each case as provided further in the rules, divided by total risk-weighted assets. The Leverage ratio is defined as Tier 1 capital divided by the most recent quarter’s average total assets as adjusted. (2) Prompt corrective action provisions are not applicable at the bank holding company level. |
FAIR VALUE OF FINANCIAL INFOR47
FAIR VALUE OF FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 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 $ 1,963 $ - $ 1,963 $ - State, county and municipals 187,243 - 186,717 526 Mortgage-backed securities 159,129 - 159,076 53 Corporate debt securities 12,169 - 3,640 8,529 Equity securities 4,783 4,783 - - Securities AFS, December 31, 2016 $ 365,287 $ 4,783 $ 351,396 $ 9,108 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 changes in Level 3 assets measured at fair value on a recurring basis | Securities AFS Level 3 Fair Value Measurements ($ in thousands): 2016 2015 (in thousands) Balance at beginning of year $ 1,666 $ 796 Purchases 2,250 920 Acquired balance 5,192 - Sales/settlements - (50 ) Balance at end of year $ 9,108 $ 1,666 |
Schedule of impaired loans and OREO measured at fair value on a nonrecurring basis | Fair Value Measurements Using Measured at Fair Value on a Nonrecurring Basis: Total Level 1 Level 2 Level 3 (in thousands) December 31, 2016: Impaired loans $ 19,217 $ - $ - $ 19,217 OREO 2,059 - - 2,059 December 31, 2015: Impaired loans $ 3,566 $ - $ - $ 3,566 OREO 367 - - 367 |
Schedule of estimated fair values of financial instruments | December 31, 2016 (in thousands) Carrying Estimated Level 1 Level 2 Level 3 Financial assets: Cash and cash equivalents $ 129,103 $ 129,103 $ 129,103 $ - $ - Certificates of deposit in other banks 3,984 3,992 - 3,992 - Securities AFS 365,287 365,287 4,783 351,396 9,108 Other investments 17,499 17,499 - 15,779 1,720 Loans held for sale 6,913 6,968 - 6,968 - Loans, net 1,557,087 1,568,676 - - 1,568,676 BOLI 54,134 54,134 54,134 - - MSR asset 1,922 2,013 - - 2,013 Financial liabilities: Deposits $ 1,969,986 $ 1,969,973 $ - $ - $ 1,969,973 Notes payable 1,000 1,002 - 1,002 - Junior subordinated debentures 24,732 24,095 - - 24,095 Subordinated notes 11,885 11,459 - - 11,459 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 - - MSR asset 193 249 - - 249 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 |
PARENT COMPANY ONLY FINANCIAL48
PARENT COMPANY ONLY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of parent company only condensed financial statements | Balance Sheets December 31, (in thousands) 2016 2015 Assets Cash and due from subsidiary $ 28,265 $ 13,632 Investments 6,361 6,754 Investments in subsidiaries 284,416 115,504 Goodwill (2,850 ) - Other assets 398 342 Total assets $ 316,590 $ 136,232 Liabilities and Stockholders’ Equity Junior subordinated debentures $ 24,732 $ 12,527 Subordinated debt 11,885 11,849 Other liabilities 4,026 2,355 Stockholders’ equity 275,947 109,501 Total liabilities and stockholders’ equity $ 316,590 $ 136,232 Statements of Income Years ended December 31, (in thousands) 2016 2015 2014 Interest income $ 58 $ 90 $ 68 Interest expense 1,951 1,375 875 Net interest expense (1,893 ) (1,285 ) (807 ) Dividend income from subsidiaries 35,500 11,000 9,060 Operating expense (202 ) (258 ) (164 ) Gain (loss) on investments, net (500 ) 228 341 Bargain purchase gain - - - Income tax benefit 833 375 135 Earnings before equity in undistributed income of subsidiaries 33,738 10,060 8,565 Equity in undistributed income (loss) of subsidiaries (15,276 ) 1,368 1,384 Net income $ 18,462 $ 11,428 $ 9,949 Statements of Cash Flows Years ended December 31, (in thousands) 2016 2015 2014 Cash Flows From Operating Activities: Net Income attributable to Nicolet Bankshares, Inc. $ 18,462 $ 11,428 $ 9,949 Adjustments to reconcile net income to net cash provided by operating activities: Accretion of discounts 353 228 199 Gain (loss) on investments, net 500 (228 ) (341 ) Change in other assets and liabilities, net 395 (160 ) 506 Equity in undistributed earnings of subsidiaries, net of dividends received 15,276 (1,368 ) (1,444 ) Net cash provided by operating activities 34,986 9,900 8,869 Cash Flows from Investing Activities: Proceeds from sale of investments 565 378 531 Purchases of investments - (1,774 ) (791 ) Capital infusion to subsidiary - - (1,200 ) Net cash from business combinations (608 ) - - Net cash used by investing activities (43 ) (1,396 ) (1,460 ) Cash Flows From Financing Activities: Purchase and cancellation of treasury stock (5,201 ) (4,381 ) (5,770 ) Proceeds from issuance of common stock, net 1,900 1,721 887 Capitalized issuance costs, net (260 ) - - Proceeds from issuance of subordinated debt, net - 11,820 - Redemption of preferred stock (SBLF) (12,200 ) (12,200 ) - Repayment of long-term debt (3,916 ) Noncontrolling interest in joint venture - - 60 Cash dividends paid on preferred stock (633 ) (212 ) (244 ) Net cash used by financing activities (20,310 ) (3,252 ) (5,067 ) Net increase in cash 14,633 5,252 2,342 Beginning cash 13,632 8,380 6,038 Ending cash $ 28,265 $ 13,632 $ 8,380 |
NATURE OF BUSINESS AND SIGNIF49
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Estimated useful lives of premises and equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Building and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 25 - 39 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 - 15 years |
Furniture and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 3 - 10 years |
NATURE OF BUSINESS AND SIGNIF50
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - The weighted average assumptions used in the model for valuing option grants (Details 1) - Stock Options - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Nature Of Business And Significant Accounting Policies [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 25.00% | 25.00% |
Risk-free interest rate | 1.52% | 1.68% |
Expected average life | 7 years | 7 years |
Weighted average per share fair value of options | $ 11.04 | $ 8.11 |
NATURE OF BUSINESS AND SIGNIF51
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES - Earnings per common share and related information (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Net income, net of noncontrolling interest | $ 18,462 | $ 11,428 | $ 9,949 |
Less preferred stock dividends | 633 | 212 | 244 |
Net income available to common shareholders | $ 17,829 | $ 11,216 | $ 9,705 |
Weighted average common shares outstanding | 7,158,367 | 4,003,988 | 4,165,254 |
Effect of dilutive stock instruments | 356,000 | 358,000 | 146,000 |
Diluted weighted average common shares outstanding | 7,513,971 | 4,362,213 | 4,311,347 |
Basic earnings per common share (in dollars per share) | $ 2.49 | $ 2.80 | $ 2.33 |
Diluted earnings per common share (in dollars per share) | $ 2.37 | $ 2.57 | $ 2.25 |
NATURE OF BUSINESS AND SIGNIF52
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Detail textuals) - USD ($) shares in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2008 | Dec. 31, 2004 | |
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Material loans criteria for ALLL adequacy calculation | $ 250,000 | |||
Weighted average repo rate | 0.08% | |||
Average balance of Repo | $ 6,100,000 | |||
Antidilutive options excluded from calculation of diluted earnings per common share | 0.2 | |||
Stock Options | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Method used to estimate the fair value of stock options | Black-Scholes model | |||
Goodwill | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Carrying amount of goodwill | $ 66,700,000 | $ 800,000 | ||
Core deposits | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Net book value core deposit intangible | $ 17,101,000 | 3,031,000 | ||
Amortized period of core deposit intangible | 10 years | |||
Customer list intangibles | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Net book value core deposit intangible | $ 4,094,000 | |||
Amortized period of core deposit intangible | 12 years | |||
Brookfield investment partners LLC | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Ownership percentage purchased by company | 100.00% | |||
Carrying amount of goodwill | $ 800,000 | |||
Baylake Corp | Goodwill | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Goodwill related to the Baylake merger | $ 65,500,000 | |||
Financial Advisor | Goodwill | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Additions to carrying amount related to acquisition | $ 400,000 | |||
Nicolet Joint Ventures, LLC (the "JV") | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Ownership percentage | 50.00% | |||
Nicolet national bank | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Ownership percentage | 100.00% | |||
United Financial Services Llc | Baylake Corp | ||||
Nature Of Business And Significant Accounting Policies [Line Items] | ||||
Percentage of indirect interest | 49.80% | |||
Ownership percentage purchased by company | 99.20% | |||
Equity income recognized in business acquisition | $ 1,000,000 | |||
Payment made for acquisition | 1,600,000 | $ 900,000 | ||
Loan amount | 200,000 | |||
Carrying value of bank investment | $ 8,300,000 |
NATURE OF BUSINESS AND SIGNIF53
NATURE OF BUSINESS AND SIGNIFICANT ACCOUNTING POLICIES (Detail textuals 1) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Nature Of Business And Significant Accounting Policies [Line Items] | |
Repo agreements | $ 0 |
Securities sold under agreements to repurchase | Minimum | |
Nature Of Business And Significant Accounting Policies [Line Items] | |
Maturity period of repo agreements | 1 day |
Securities sold under agreements to repurchase | Maximum | |
Nature Of Business And Significant Accounting Policies [Line Items] | |
Maturity period of repo agreements | 4 days |
ACQUISITIONS (Details)
ACQUISITIONS (Details) $ in Thousands | Dec. 31, 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 |
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) |
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 |
Goodwill | $ 65,500 |
ACQUISITIONS - Unaudited pro fo
ACQUISITIONS - Unaudited pro forma information (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Total revenues, net of interest expense | $ 110,788 | $ 105,288 |
Net income | $ 23,263 | $ 21,267 |
Diluted earnings per share (in dollars per share) | $ 2.55 | $ 2.38 |
ACQUISITIONS (Detail Textuals)
ACQUISITIONS (Detail Textuals) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Apr. 29, 2016USD ($)Branch$ / sharesshares | Dec. 31, 2016USD ($)Branch | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($)Branch | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 66 | $ 66 | ||
Fixed assets | 63 | 63 | ||
Customer intangibles | 17 | 17 | ||
Assets acquired at fair value | 1,035 | 1,035 | ||
Value of common stock issued for consideration | 165,035 | |||
Purchase price | 164 | 164 | ||
Baylake Corp | ||||
Business Acquisition [Line Items] | ||||
Goodwill | 65,500 | 65,500 | ||
Fixed assets | 71 | 71 | ||
Customer intangibles | 1 | 1 | ||
Assets acquired at fair value | $ 1,047 | $ 1,047 | ||
Group of financial advisors | ||||
Business Acquisition [Line Items] | ||||
Total consideration paid | $ 4,900 | |||
Cash | 800 | |||
Nicolet common stock | 2,600 | |||
Earn-out liability payable | 1,500 | |||
Goodwill | 400 | |||
Fixed assets | 200 | |||
Customer intangibles | $ 4,300 | |||
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 | ||||
Business Acquisition [Line Items] | ||||
Number of branches | Branch | 21 | 36 | ||
Number of branches closed | Branch | 6 | |||
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 | $ 163,300 | |||
Per share value assigned to acquiring companies common stock in the merger agreement | $ / shares | $ 37.58 | |||
Number of trading days | 20 days | |||
Additional consideration for assumed stock options | $ 1,200 | |||
Direct stock issuance costs for the merger charged against additional paid in capital | $ 300 |
SECURITIES AVAILABLE FOR SALE -
SECURITIES AVAILABLE FOR SALE - Amortized costs and fair values of securities available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 369,759 | $ 170,991 |
Gross Unrealized Gains | 2,606 | 2,426 |
Gross Unrealized Losses | 7,078 | 821 |
Fair Value | 365,287 | 172,596 |
U.S. government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,981 | 287 |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | 18 | |
Fair Value | 1,963 | 294 |
State, county and municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 191,721 | 104,768 |
Gross Unrealized Gains | 160 | 497 |
Gross Unrealized Losses | 4,638 | 244 |
Fair Value | 187,243 | 105,021 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 161,309 | 61,600 |
Gross Unrealized Gains | 242 | 418 |
Gross Unrealized Losses | 2,422 | 554 |
Fair Value | 159,129 | 61,464 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,117 | 1,140 |
Gross Unrealized Gains | 52 | |
Gross Unrealized Losses | ||
Fair Value | 12,169 | 1,140 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,631 | 3,196 |
Gross Unrealized Gains | 2,152 | 1,504 |
Gross Unrealized Losses | 23 | |
Fair Value | $ 4,783 | $ 4,677 |
SECURITIES AVAILABLE FOR SALE58
SECURITIES AVAILABLE FOR SALE - Gross unrealized losses and the related fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 304,190 | $ 56,919 |
Less than 12 months, Unrealized Losses | 6,958 | 302 |
12 months or more, Fair Value | 4,953 | 26,452 |
12 months or more, Unrealized Losses | 120 | 519 |
Total, Fair Value | 309,143 | 83,371 |
Total, Unrealized Losses | 7,078 | 821 |
U.S. government sponsored enterprises | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 1,963 | |
Less than 12 months, Unrealized Losses | 18 | |
12 months or more, Fair Value | ||
12 months or more, Unrealized Losses | ||
Total, Fair Value | 1,963 | |
Total, Unrealized Losses | 18 | |
State, County and Municipals | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 167,457 | 34,283 |
Less than 12 months, Unrealized Losses | 4,629 | 112 |
12 months or more, Fair Value | 1,300 | 12,702 |
12 months or more, Unrealized Losses | 9 | 132 |
Total, Fair Value | 168,757 | 46,985 |
Total, Unrealized Losses | 4,638 | 244 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 134,770 | 22,228 |
Less than 12 months, Unrealized Losses | 2,311 | 167 |
12 months or more, Fair Value | 3,653 | 13,750 |
12 months or more, Unrealized Losses | 111 | 387 |
Total, Fair Value | 138,423 | 35,978 |
Total, Unrealized Losses | $ 2,422 | 554 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 408 | |
Less than 12 months, Unrealized Losses | 23 | |
12 months or more, Fair Value | ||
12 months or more, Unrealized Losses | ||
Total, Fair Value | 408 | |
Total, Unrealized Losses | $ 23 |
SECURITIES AVAILABLE FOR SALE59
SECURITIES AVAILABLE FOR SALE - Amortized cost and fair values of securities available for sale at by contractual maturity (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost, Due in less than one year | $ 9,833 | |
Amortized Cost, Due in one year through five years | 81,288 | |
Amortized Cost, Due after five years through ten years | 106,416 | |
Amortized Cost, Due after ten years | 8,282 | |
Available for sale, Single maturity date, Amortized Cost | 205,819 | |
Amortized Cost | 369,759 | $ 170,991 |
Fair Value, Due in less than one year | 9,835 | |
Fair Value, Due in one year through five years | 80,847 | |
Fair Value, Due after five years through ten years | 102,401 | |
Fair Value, Due after ten years | 8,292 | |
Available for sale, Single maturity date, Fair value | 201,375 | |
Fair Value | 365,287 | 172,596 |
Mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 161,309 | 61,600 |
Fair Value | 159,129 | 61,464 |
Equity securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,631 | 3,196 |
Fair Value | $ 4,783 | $ 4,677 |
SECURITIES AVAILABLE FOR SALE60
SECURITIES AVAILABLE FOR SALE (Detail Textuals) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($)Security | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Available-for-sale Securities [Abstract] | ||||||
Gross unrealized losses | $ 7,078,000 | $ 821,000 | $ 7,078,000 | $ 821,000 | ||
Number of securities | Security | 581 | 581 | ||||
Percentage of gross unrealized losses in total securities | 1.90% | 1.90% | ||||
Other-than-temporary impairment charges | $ 500,000 | |||||
Securities available for sale, pledged as collateral | $ 30,300,000 | $ 24,300,000 | $ 30,300,000 | 24,300,000 | ||
Proceeds from sales of securities available for sale | 31,442,000 | 13,929,000 | $ 4,821,000 | |||
Gross gains realized on sales | 91,000 | $ 600,000 | $ 300,000 | |||
Gross losses realized on sales | $ (13,000) |
LOANS AND ALLOWANCE FOR LOAN 61
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of loan composition (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 1,568,907 | $ 877,061 | ||
Less ALLL | 11,820 | 10,307 | $ 9,288 | $ 9,232 |
Loans, net | $ 1,557,087 | $ 866,754 | ||
% of Total | 100.00% | 100.00% | ||
ALLL to loans | 0.75% | 1.18% | ||
Retail & other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 14,515 | $ 6,513 | ||
Less ALLL | 152 | 74 | 49 | |
Loans, net | $ 14,363 | $ 6,439 | ||
% of Total | 0.90% | 0.80% | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 428,270 | $ 294,419 | ||
Less ALLL | 3,919 | 3,721 | 3,191 | |
Loans, net | $ 424,351 | $ 290,698 | ||
% of Total | 27.30% | 33.60% | ||
Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 360,227 | $ 185,285 | ||
Less ALLL | 2,867 | 1,933 | 1,230 | |
Loans, net | $ 357,360 | $ 183,352 | ||
% of Total | 23.00% | 21.10% | ||
Commercial Portfolio Segment | AG Production | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 34,767 | $ 15,018 | ||
Less ALLL | 150 | 85 | 53 | |
Loans, net | $ 34,617 | $ 14,933 | ||
% of Total | 2.20% | 1.70% | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 45,234 | $ 43,272 | ||
Less ALLL | 285 | 380 | 226 | |
Loans, net | $ 44,949 | $ 42,892 | ||
% of Total | 2.90% | 4.90% | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 195,879 | $ 78,711 | ||
Less ALLL | 1,124 | 785 | 511 | |
Loans, net | $ 194,755 | $ 77,926 | ||
% of Total | 12.50% | 9.00% | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 74,988 | $ 36,775 | ||
Less ALLL | 774 | 1,446 | 2,685 | |
Loans, net | $ 74,214 | $ 35,329 | ||
% of Total | 4.80% | 4.20% | ||
Residential | First mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 300,304 | $ 154,658 | ||
Less ALLL | 1,784 | 1,240 | 866 | |
Loans, net | $ 298,520 | $ 153,418 | ||
% of Total | 19.10% | 17.60% | ||
Residential | Junior mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 91,331 | $ 51,967 | ||
Less ALLL | 461 | 496 | 337 | |
Loans, net | $ 90,870 | $ 51,471 | ||
% of Total | 5.80% | 5.90% | ||
Residential | Residential construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 23,392 | $ 10,443 | ||
Less ALLL | 304 | 147 | 140 | |
Loans, net | $ 23,088 | $ 10,296 | ||
% of Total | 1.50% | 1.20% | ||
Originated | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 901,987 | $ 740,135 | ||
Less ALLL | 9,449 | 8,714 | 9,288 | |
Loans, net | $ 892,538 | $ 731,421 | ||
% of Total | 100.00% | 100.00% | ||
ALLL to loans | 1.05% | 1.18% | ||
Originated | Retail & other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 10,095 | $ 6,351 | ||
Less ALLL | 132 | 63 | 49 | |
Loans, net | $ 9,963 | $ 6,288 | ||
% of Total | 1.10% | 0.90% | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 330,073 | $ 284,023 | ||
Less ALLL | 3,150 | 3,135 | 3,191 | |
Loans, net | $ 326,923 | $ 280,888 | ||
% of Total | 36.60% | 38.40% | ||
Originated | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 182,776 | $ 153,563 | ||
Less ALLL | 2,263 | 1,567 | 1,230 | |
Loans, net | $ 180,513 | $ 151,996 | ||
% of Total | 20.30% | 20.70% | ||
Originated | Commercial Portfolio Segment | AG Production | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 9,192 | $ 6,849 | ||
Less ALLL | 122 | 71 | 53 | |
Loans, net | $ 9,070 | $ 6,778 | ||
% of Total | 1.00% | 0.90% | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 18,858 | $ 25,464 | ||
Less ALLL | 222 | 299 | 226 | |
Loans, net | $ 18,636 | $ 25,165 | ||
% of Total | 2.10% | 3.40% | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 72,930 | $ 58,949 | ||
Less ALLL | 893 | 646 | 511 | |
Loans, net | $ 72,037 | $ 58,303 | ||
% of Total | 8.10% | 8.00% | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 44,147 | $ 27,231 | ||
Less ALLL | 656 | 1,381 | 2,685 | |
Loans, net | $ 43,491 | $ 25,850 | ||
% of Total | 4.90% | 3.70% | ||
Originated | Residential | First mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 164,949 | $ 122,373 | ||
Less ALLL | 1,372 | 987 | 866 | |
Loans, net | $ 163,577 | $ 121,386 | ||
% of Total | 18.30% | 16.50% | ||
Originated | Residential | Junior mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 48,199 | $ 44,889 | ||
Less ALLL | 373 | 418 | 337 | |
Loans, net | $ 47,826 | $ 44,471 | ||
% of Total | 5.30% | 6.10% | ||
Originated | Residential | Residential construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 20,768 | $ 10,443 | ||
Less ALLL | 266 | 147 | 140 | |
Loans, net | $ 20,502 | $ 10,296 | ||
% of Total | 2.30% | 1.40% | ||
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 666,920 | $ 136,926 | ||
Less ALLL | 2,371 | 1,593 | ||
Loans, net | $ 664,549 | $ 135,333 | ||
% of Total | 100.00% | 100.00% | ||
ALLL to loans | 0.36% | 1.16% | ||
Acquired | Retail & other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 4,420 | $ 162 | ||
Less ALLL | 20 | 11 | ||
Loans, net | $ 4,400 | $ 151 | ||
% of Total | 0.70% | 0.10% | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 98,197 | $ 10,396 | ||
Less ALLL | 769 | 586 | ||
Loans, net | $ 97,428 | $ 9,810 | ||
% of Total | 14.70% | 7.60% | ||
Acquired | Commercial Portfolio Segment | Owner-occupied commercial real estate ("CRE") | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 177,451 | $ 31,722 | ||
Less ALLL | 604 | 366 | ||
Loans, net | $ 176,847 | $ 31,356 | ||
% of Total | 26.60% | 23.20% | ||
Acquired | Commercial Portfolio Segment | AG Production | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 25,575 | $ 8,169 | ||
Less ALLL | 28 | 14 | ||
Loans, net | $ 25,547 | $ 8,155 | ||
% of Total | 3.80% | 6.00% | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 26,376 | $ 17,808 | ||
Less ALLL | 63 | 81 | ||
Loans, net | $ 26,313 | $ 17,727 | ||
% of Total | 4.00% | 13.00% | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 122,949 | $ 19,762 | ||
Less ALLL | 231 | 139 | ||
Loans, net | $ 122,718 | $ 19,623 | ||
% of Total | 18.40% | 14.40% | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 30,841 | $ 9,544 | ||
Less ALLL | 118 | 65 | ||
Loans, net | $ 30,723 | $ 9,479 | ||
% of Total | 4.60% | 7.00% | ||
Acquired | Residential | First mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 135,355 | $ 32,285 | ||
Less ALLL | 412 | 253 | ||
Loans, net | $ 134,943 | $ 32,032 | ||
% of Total | 20.30% | 23.50% | ||
Acquired | Residential | Junior mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 43,132 | $ 7,078 | ||
Less ALLL | 88 | 78 | ||
Loans, net | $ 43,044 | $ 7,000 | ||
% of Total | 6.50% | 5.20% | ||
Acquired | Residential | Residential construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans | $ 2,624 | |||
Less ALLL | 38 | |||
Loans, net | $ 2,586 | |||
% of Total | 0.40% |
LOANS AND ALLOWANCE FOR LOAN 62
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of changes in ALLL by portfolio segment for periods - Allowance for Loan Losses (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
ALLL: | |||
Beginning balance | $ 10,307 | $ 9,288 | $ 9,232 |
Provision | 1,800 | 1,800 | 2,700 |
Charge-offs | (584) | (883) | (2,743) |
Recoveries | 297 | 102 | 99 |
Net charge-offs | (287) | (781) | (2,644) |
Ending balance | $ 11,820 | $ 10,307 | $ 9,288 |
As percent of ALLL | 100.00% | 100.00% | 100.00% |
Retail & other | |||
ALLL: | |||
Beginning balance | $ 74 | $ 49 | |
Provision | 132 | 47 | |
Charge-offs | (60) | (35) | |
Recoveries | 6 | 13 | |
Net charge-offs | (54) | (22) | |
Ending balance | $ 152 | $ 74 | $ 49 |
As percent of ALLL | 1.20% | 0.70% | |
Commercial Portfolio Segment | Commercial & industrial | |||
ALLL: | |||
Beginning balance | $ 3,721 | $ 3,191 | |
Provision | 451 | 868 | |
Charge-offs | (279) | (374) | |
Recoveries | 26 | 36 | |
Net charge-offs | (253) | (338) | |
Ending balance | $ 3,919 | $ 3,721 | 3,191 |
As percent of ALLL | 33.20% | 36.20% | |
Commercial Portfolio Segment | Owner-occupied CRE | |||
ALLL: | |||
Beginning balance | $ 1,933 | $ 1,230 | |
Provision | 1,037 | 928 | |
Charge-offs | (108) | (229) | |
Recoveries | 5 | 4 | |
Net charge-offs | (103) | (225) | |
Ending balance | $ 2,867 | $ 1,933 | 1,230 |
As percent of ALLL | 24.30% | 18.80% | |
Commercial Portfolio Segment | AG Production | |||
ALLL: | |||
Beginning balance | $ 85 | $ 53 | |
Provision | 65 | 32 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 150 | $ 85 | 53 |
As percent of ALLL | 1.30% | 0.80% | |
Commercial Real Estate Portfolio Segment | AG real estate | |||
ALLL: | |||
Beginning balance | $ 380 | $ 226 | |
Provision | (95) | 154 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 285 | $ 380 | 226 |
As percent of ALLL | 2.40% | 3.70% | |
Commercial Real Estate Portfolio Segment | CRE investment | |||
ALLL: | |||
Beginning balance | $ 785 | $ 511 | |
Provision | 118 | 307 | |
Charge-offs | (50) | ||
Recoveries | 221 | 17 | |
Net charge-offs | 221 | (33) | |
Ending balance | $ 1,124 | $ 785 | 511 |
As percent of ALLL | 9.50% | 7.60% | |
Commercial Real Estate Portfolio Segment | Construction & land development | |||
ALLL: | |||
Beginning balance | $ 1,446 | $ 2,685 | |
Provision | (672) | (1,239) | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 774 | $ 1,446 | 2,685 |
As percent of ALLL | 6.50% | 14.00% | |
Residential | First mortgage | |||
ALLL: | |||
Beginning balance | $ 1,240 | $ 866 | |
Provision | 593 | 438 | |
Charge-offs | (80) | (84) | |
Recoveries | 31 | 20 | |
Net charge-offs | (49) | (64) | |
Ending balance | $ 1,784 | $ 1,240 | 866 |
As percent of ALLL | 15.10% | 12.00% | |
Residential | Junior mortgage | |||
ALLL: | |||
Beginning balance | $ 496 | $ 337 | |
Provision | 14 | 258 | |
Charge-offs | (57) | (111) | |
Recoveries | 8 | 12 | |
Net charge-offs | (49) | (99) | |
Ending balance | $ 461 | $ 496 | 337 |
As percent of ALLL | 3.90% | 4.80% | |
Residential | Residential construction | |||
ALLL: | |||
Beginning balance | $ 147 | $ 140 | |
Provision | 157 | 7 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 304 | $ 147 | 140 |
As percent of ALLL | 2.60% | 1.40% | |
Originated | |||
ALLL: | |||
Beginning balance | $ 8,714 | $ 9,288 | |
Provision | 841 | 80 | |
Charge-offs | (377) | (741) | |
Recoveries | 271 | 87 | |
Net charge-offs | (106) | (654) | |
Ending balance | $ 9,449 | $ 8,714 | 9,288 |
As percent of ALLL | 100.00% | 100.00% | |
Originated | Retail & other | |||
ALLL: | |||
Beginning balance | $ 63 | $ 49 | |
Provision | 123 | 36 | |
Charge-offs | (59) | (35) | |
Recoveries | 5 | 13 | |
Net charge-offs | (54) | (22) | |
Ending balance | $ 132 | $ 63 | 49 |
As percent of ALLL | 1.50% | 0.70% | |
Originated | Commercial Portfolio Segment | Commercial & industrial | |||
ALLL: | |||
Beginning balance | $ 3,135 | $ 3,191 | |
Provision | 268 | 282 | |
Charge-offs | (262) | (374) | |
Recoveries | 9 | 36 | |
Net charge-offs | (253) | (338) | |
Ending balance | $ 3,150 | $ 3,135 | 3,191 |
As percent of ALLL | 33.40% | 36.10% | |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | |||
ALLL: | |||
Beginning balance | $ 1,567 | $ 1,230 | |
Provision | 695 | 490 | |
Charge-offs | (3) | (157) | |
Recoveries | 4 | 4 | |
Net charge-offs | 1 | (153) | |
Ending balance | $ 2,263 | $ 1,567 | 1,230 |
As percent of ALLL | 23.90% | 18.00% | |
Originated | Commercial Portfolio Segment | AG Production | |||
ALLL: | |||
Beginning balance | $ 71 | $ 53 | |
Provision | 51 | 18 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 122 | $ 71 | 53 |
As percent of ALLL | 1.30% | 0.80% | |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | |||
ALLL: | |||
Beginning balance | $ 299 | $ 226 | |
Provision | (77) | 73 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 222 | $ 299 | 226 |
As percent of ALLL | 2.30% | 3.40% | |
Originated | Commercial Real Estate Portfolio Segment | CRE investment | |||
ALLL: | |||
Beginning balance | $ 646 | $ 511 | |
Provision | 26 | 118 | |
Charge-offs | |||
Recoveries | 221 | 17 | |
Net charge-offs | 221 | 17 | |
Ending balance | $ 893 | $ 646 | 511 |
As percent of ALLL | 9.50% | 7.40% | |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | |||
ALLL: | |||
Beginning balance | $ 1,381 | $ 2,685 | |
Provision | (725) | (1,304) | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 656 | $ 1,381 | 2,685 |
As percent of ALLL | 6.90% | 15.80% | |
Originated | Residential | First mortgage | |||
ALLL: | |||
Beginning balance | $ 987 | $ 866 | |
Provision | 360 | 189 | |
Charge-offs | (84) | ||
Recoveries | 25 | 16 | |
Net charge-offs | 25 | (68) | |
Ending balance | $ 1,372 | $ 987 | 866 |
As percent of ALLL | 14.50% | 11.30% | |
Originated | Residential | Junior mortgage | |||
ALLL: | |||
Beginning balance | $ 418 | $ 337 | |
Provision | 1 | 171 | |
Charge-offs | (53) | (91) | |
Recoveries | 7 | 1 | |
Net charge-offs | (46) | (90) | |
Ending balance | $ 373 | $ 418 | 337 |
As percent of ALLL | 3.90% | 4.80% | |
Originated | Residential | Residential construction | |||
ALLL: | |||
Beginning balance | $ 147 | $ 140 | |
Provision | 119 | 7 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 266 | $ 147 | 140 |
As percent of ALLL | 2.80% | 1.70% | |
Acquired | |||
ALLL: | |||
Beginning balance | $ 1,593 | ||
Provision | 959 | 1,720 | |
Charge-offs | (207) | (142) | |
Recoveries | 26 | 15 | |
Net charge-offs | (181) | (127) | |
Ending balance | $ 2,371 | $ 1,593 | |
As percent of ALLL | 100.00% | 100.00% | |
Acquired | Retail & other | |||
ALLL: | |||
Beginning balance | $ 11 | ||
Provision | 9 | 11 | |
Charge-offs | (1) | ||
Recoveries | 1 | ||
Net charge-offs | |||
Ending balance | $ 20 | $ 11 | |
As percent of ALLL | 0.80% | 0.70% | |
Acquired | Commercial Portfolio Segment | Commercial & industrial | |||
ALLL: | |||
Beginning balance | $ 586 | ||
Provision | 183 | 586 | |
Charge-offs | (17) | ||
Recoveries | 17 | ||
Net charge-offs | |||
Ending balance | $ 769 | $ 586 | |
As percent of ALLL | 32.40% | 36.70% | |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | |||
ALLL: | |||
Beginning balance | $ 366 | ||
Provision | 342 | 438 | |
Charge-offs | (105) | (72) | |
Recoveries | 1 | ||
Net charge-offs | (104) | (72) | |
Ending balance | $ 604 | $ 366 | |
As percent of ALLL | 25.50% | 23.00% | |
Acquired | Commercial Portfolio Segment | AG Production | |||
ALLL: | |||
Beginning balance | $ 14 | ||
Provision | 14 | 14 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 28 | $ 14 | |
As percent of ALLL | 1.20% | 0.90% | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | |||
ALLL: | |||
Beginning balance | $ 81 | ||
Provision | (18) | 81 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 63 | $ 81 | |
As percent of ALLL | 2.70% | 5.10% | |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | |||
ALLL: | |||
Beginning balance | $ 139 | ||
Provision | 92 | 189 | |
Charge-offs | (50) | ||
Recoveries | |||
Net charge-offs | (50) | ||
Ending balance | $ 231 | $ 139 | |
As percent of ALLL | 9.70% | 8.70% | |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | |||
ALLL: | |||
Beginning balance | $ 65 | ||
Provision | 53 | 65 | |
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 118 | $ 65 | |
As percent of ALLL | 5.00% | 4.10% | |
Acquired | Residential | First mortgage | |||
ALLL: | |||
Beginning balance | $ 253 | ||
Provision | 233 | 249 | |
Charge-offs | (80) | ||
Recoveries | 6 | 4 | |
Net charge-offs | (74) | 4 | |
Ending balance | $ 412 | $ 253 | |
As percent of ALLL | 17.40% | 15.90% | |
Acquired | Residential | Junior mortgage | |||
ALLL: | |||
Beginning balance | $ 78 | ||
Provision | 13 | 87 | |
Charge-offs | (4) | (20) | |
Recoveries | 1 | 11 | |
Net charge-offs | (3) | (9) | |
Ending balance | $ 88 | $ 78 | |
As percent of ALLL | 3.70% | 4.90% | |
Acquired | Residential | Residential construction | |||
ALLL: | |||
Beginning balance | |||
Provision | 38 | ||
Charge-offs | |||
Recoveries | |||
Net charge-offs | |||
Ending balance | $ 38 | ||
As percent of ALLL | 1.60% |
LOANS AND ALLOWANCE FOR LOAN 63
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of changes in ALLL by portfolio segment - As percent of ALLL (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 11,820 | 10,307 | ||
Ending balance | 11,820 | 10,307 | $ 9,288 | $ 9,232 |
Loans: | ||||
Individually evaluated | 19,217 | 3,566 | ||
Collectively evaluated | 1,549,690 | 873,495 | ||
Total loans | 1,568,907 | 877,061 | ||
Less ALLL | 11,820 | 10,307 | 9,288 | $ 9,232 |
Net loans | 1,557,087 | 866,754 | ||
Retail & other | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 152 | 74 | ||
Ending balance | 152 | 74 | 49 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 14,515 | 6,513 | ||
Total loans | 14,515 | 6,513 | ||
Less ALLL | 152 | 74 | 49 | |
Net loans | 14,363 | 6,439 | ||
Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 3,919 | 3,721 | ||
Ending balance | 3,919 | 3,721 | ||
Loans: | ||||
Individually evaluated | 338 | 142 | ||
Collectively evaluated | 427,932 | 294,277 | ||
Total loans | 428,270 | 294,419 | ||
Less ALLL | 3,919 | 3,721 | ||
Net loans | 424,351 | 290,698 | ||
Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 2,867 | 1,933 | ||
Ending balance | 2,867 | 1,933 | ||
Loans: | ||||
Individually evaluated | 2,588 | 950 | ||
Collectively evaluated | 357,639 | 185,285 | ||
Total loans | 360,227 | 185,285 | ||
Less ALLL | 2,867 | 1,933 | ||
Net loans | 357,360 | 183,352 | ||
Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 150 | 85 | ||
Ending balance | 150 | 85 | 53 | |
Loans: | ||||
Individually evaluated | 41 | 39 | ||
Collectively evaluated | 34,726 | 14,979 | ||
Total loans | 34,767 | 15,018 | ||
Less ALLL | 150 | 85 | 53 | |
Net loans | 34,617 | 14,933 | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 285 | 380 | ||
Ending balance | 285 | 380 | 226 | |
Loans: | ||||
Individually evaluated | 240 | 252 | ||
Collectively evaluated | 44,994 | 43,020 | ||
Total loans | 45,234 | 43,272 | ||
Less ALLL | 285 | 380 | 226 | |
Net loans | 44,949 | 42,892 | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 1,124 | 785 | ||
Ending balance | 1,124 | 785 | 511 | |
Loans: | ||||
Individually evaluated | 12,552 | 1,301 | ||
Collectively evaluated | 183,327 | 77,410 | ||
Total loans | 195,879 | 78,711 | ||
Less ALLL | 1,124 | 785 | 511 | |
Net loans | 194,755 | 77,926 | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 774 | 1,446 | ||
Ending balance | 774 | 1,446 | 2,685 | |
Loans: | ||||
Individually evaluated | 694 | 280 | ||
Collectively evaluated | 74,294 | 36,495 | ||
Total loans | 74,988 | 36,775 | ||
Less ALLL | 774 | 1,446 | 2,685 | |
Net loans | 74,214 | 35,329 | ||
Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 1,784 | 1,240 | ||
Ending balance | 1,784 | 1,240 | 866 | |
Loans: | ||||
Individually evaluated | 2,204 | 460 | ||
Collectively evaluated | 298,100 | 154,198 | ||
Total loans | 300,304 | 154,658 | ||
Less ALLL | 1,784 | 1,240 | 866 | |
Net loans | 298,520 | 153,418 | ||
Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 461 | 496 | ||
Ending balance | 461 | 496 | 337 | |
Loans: | ||||
Individually evaluated | 299 | 142 | ||
Collectively evaluated | 91,032 | 51,825 | ||
Total loans | 91,331 | 51,967 | ||
Less ALLL | 461 | 496 | 337 | |
Net loans | 90,870 | 51,471 | ||
Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 304 | 147 | ||
Ending balance | 304 | 147 | 140 | |
Loans: | ||||
Individually evaluated | 261 | |||
Collectively evaluated | 23,131 | 10,443 | ||
Total loans | 23,392 | 10,443 | ||
Less ALLL | 304 | 147 | 140 | |
Net loans | 23,088 | 10,296 | ||
Originated | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 9,449 | 8,714 | ||
Ending balance | 9,449 | 8,714 | 9,288 | |
Loans: | ||||
Individually evaluated | 387 | |||
Collectively evaluated | 901,987 | 739,748 | ||
Total loans | 901,987 | 740,135 | ||
Less ALLL | 9,449 | 8,714 | 9,288 | |
Net loans | 892,538 | 731,421 | ||
Originated | Owner-occupied CRE | ||||
ALLL: | ||||
Ending balance | 2,263 | 1,567 | ||
Loans: | ||||
Less ALLL | 2,263 | 1,567 | ||
Originated | Retail & other | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 132 | 63 | ||
Ending balance | 132 | 63 | 49 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 10,095 | 6,351 | ||
Total loans | 10,095 | 6,351 | ||
Less ALLL | 132 | 63 | 49 | |
Net loans | 9,963 | 6,288 | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 3,150 | 3,135 | ||
Ending balance | 3,150 | 3,135 | ||
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 330,073 | 284,023 | ||
Total loans | 330,073 | 284,023 | ||
Less ALLL | 3,150 | 3,135 | ||
Net loans | 326,923 | 280,888 | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 2,263 | 1,567 | ||
Ending balance | 2,263 | 1,567 | ||
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 182,776 | 153,563 | ||
Total loans | 182,776 | 153,563 | ||
Less ALLL | 2,263 | 1,567 | ||
Net loans | 180,513 | 151,996 | ||
Originated | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 122 | 71 | ||
Ending balance | 122 | 71 | 53 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 9,192 | 6,849 | ||
Total loans | 9,192 | 6,849 | ||
Less ALLL | 122 | 71 | 53 | |
Net loans | 9,070 | 6,778 | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 222 | 299 | ||
Ending balance | 222 | 299 | 226 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 18,858 | 25,464 | ||
Total loans | 18,858 | 25,464 | ||
Less ALLL | 222 | 299 | 226 | |
Net loans | 18,636 | 25,165 | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 893 | 646 | ||
Ending balance | 893 | 646 | 511 | |
Loans: | ||||
Individually evaluated | 387 | |||
Collectively evaluated | 72,930 | 58,562 | ||
Total loans | 72,930 | 58,949 | ||
Less ALLL | 893 | 646 | 511 | |
Net loans | 72,037 | 58,303 | ||
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 656 | 1,381 | ||
Ending balance | 656 | 1,381 | 2,685 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 44,147 | 27,231 | ||
Total loans | 44,147 | 27,231 | ||
Less ALLL | 656 | 1,381 | 2,685 | |
Net loans | 43,491 | 25,850 | ||
Originated | Residential | First mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 1,372 | 987 | ||
Ending balance | 1,372 | 987 | 866 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 164,949 | 122,373 | ||
Total loans | 164,949 | 122,373 | ||
Less ALLL | 1,372 | 987 | 866 | |
Net loans | 163,577 | 121,386 | ||
Originated | Residential | Junior mortgage | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 373 | 418 | ||
Ending balance | 373 | 418 | 337 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 48,199 | 44,889 | ||
Total loans | 48,199 | 44,889 | ||
Less ALLL | 373 | 418 | 337 | |
Net loans | 47,826 | 44,471 | ||
Originated | Residential | Residential construction | ||||
ALLL: | ||||
Individually evaluated | ||||
Collectively evaluated | 266 | 147 | ||
Ending balance | 266 | 147 | 140 | |
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 20,768 | 10,443 | ||
Total loans | 20,768 | 10,443 | ||
Less ALLL | 266 | 147 | 140 | |
Net loans | 20,502 | 10,296 | ||
Acquired | ||||
ALLL: | ||||
Ending balance | 2,371 | 1,593 | ||
Loans: | ||||
Individually evaluated | 19,217 | 3,179 | ||
Collectively evaluated | 647,703 | 133,747 | ||
Total loans | 666,920 | 136,926 | ||
Less ALLL | 2,371 | 1,593 | ||
Net loans | 664,549 | 135,333 | ||
Acquired | Owner-occupied CRE | ||||
ALLL: | ||||
Ending balance | 604 | 366 | ||
Loans: | ||||
Less ALLL | 604 | 366 | ||
Acquired | Retail & other | ||||
ALLL: | ||||
Ending balance | 20 | 11 | ||
Loans: | ||||
Individually evaluated | ||||
Collectively evaluated | 4,420 | 162 | ||
Total loans | 4,420 | 162 | ||
Less ALLL | 20 | 11 | ||
Net loans | 4,400 | 151 | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||||
ALLL: | ||||
Ending balance | 769 | 586 | ||
Loans: | ||||
Individually evaluated | 338 | 142 | ||
Collectively evaluated | 97,859 | 10,254 | ||
Total loans | 98,197 | 10,396 | ||
Less ALLL | 769 | 586 | ||
Net loans | 97,428 | 9,810 | ||
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||||
ALLL: | ||||
Ending balance | 604 | 366 | ||
Loans: | ||||
Individually evaluated | 2,588 | 950 | ||
Collectively evaluated | 174,863 | 30,772 | ||
Total loans | 177,451 | 31,722 | ||
Less ALLL | 604 | 366 | ||
Net loans | 176,847 | 31,356 | ||
Acquired | Commercial Portfolio Segment | AG Production | ||||
ALLL: | ||||
Ending balance | 28 | 14 | ||
Loans: | ||||
Individually evaluated | 41 | 39 | ||
Collectively evaluated | 25,534 | 8,130 | ||
Total loans | 25,575 | 8,169 | ||
Less ALLL | 28 | 14 | ||
Net loans | 25,547 | 8,155 | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||||
ALLL: | ||||
Ending balance | 63 | 81 | ||
Loans: | ||||
Individually evaluated | 240 | 252 | ||
Collectively evaluated | 26,136 | 17,556 | ||
Total loans | 26,376 | 17,808 | ||
Less ALLL | 63 | 81 | ||
Net loans | 26,313 | 17,727 | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||||
ALLL: | ||||
Ending balance | 231 | 139 | ||
Loans: | ||||
Individually evaluated | 12,552 | 914 | ||
Collectively evaluated | 110,397 | 18,848 | ||
Total loans | 122,949 | 19,762 | ||
Less ALLL | 231 | 139 | ||
Net loans | 122,718 | 19,623 | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||||
ALLL: | ||||
Ending balance | 118 | 65 | ||
Loans: | ||||
Individually evaluated | 694 | 280 | ||
Collectively evaluated | 30,147 | 9,264 | ||
Total loans | 30,841 | 9,544 | ||
Less ALLL | 118 | 65 | ||
Net loans | 30,723 | 9,479 | ||
Acquired | Residential | First mortgage | ||||
ALLL: | ||||
Ending balance | 412 | 253 | ||
Loans: | ||||
Individually evaluated | 2,204 | 460 | ||
Collectively evaluated | 133,151 | 31,825 | ||
Total loans | 135,355 | 32,285 | ||
Less ALLL | 412 | 253 | ||
Net loans | 134,943 | 32,032 | ||
Acquired | Residential | Junior mortgage | ||||
ALLL: | ||||
Ending balance | 88 | 78 | ||
Loans: | ||||
Individually evaluated | 299 | 142 | ||
Collectively evaluated | 42,833 | 6,936 | ||
Total loans | 43,132 | 7,078 | ||
Less ALLL | 88 | 78 | ||
Net loans | 43,044 | 7,000 | ||
Acquired | Residential | Residential construction | ||||
ALLL: | ||||
Ending balance | 38 | |||
Loans: | ||||
Individually evaluated | 261 | |||
Collectively evaluated | 2,363 | |||
Total loans | 2,624 | |||
Less ALLL | 38 | |||
Net loans | $ 2,586 |
LOANS AND ALLOWANCE FOR LOAN 64
LOANS AND ALLOWANCE FOR LOAN LOSSES - Nonaccrual loans by portfolio segment (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 20,285 | $ 3,533 |
% to Non Accrual Total | 100.00% | 100.00% |
Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 358 | $ 204 |
% to Non Accrual Total | 1.80% | 5.80% |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 2,894 | $ 951 |
% to Non Accrual Total | 14.30% | 26.90% |
Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 9 | $ 13 |
% to Non Accrual Total | 0.10% | 0.40% |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 208 | $ 230 |
% to Non Accrual Total | 1.00% | 6.50% |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 12,317 | $ 1,040 |
% to Non Accrual Total | 60.60% | 29.40% |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 1,193 | $ 280 |
% to Non Accrual Total | 5.90% | 7.90% |
Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 2,990 | $ 674 |
% to Non Accrual Total | 14.70% | 19.10% |
Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 56 | $ 141 |
% to Non Accrual Total | 0.30% | 4.00% |
Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 260 | |
% to Non Accrual Total | 1.30% | |
Originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 257 | $ 581 |
% to Non Accrual Total | 100.00% | 100.00% |
Originated | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 4 | $ 49 |
% to Non Accrual Total | 1.60% | 8.40% |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 42 | |
% to Non Accrual Total | 16.30% | |
Originated | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 7 | $ 13 |
% to Non Accrual Total | 2.70% | 2.20% |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 387 | |
% to Non Accrual Total | 66.70% | |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 204 | $ 132 |
% to Non Accrual Total | 79.40% | 22.70% |
Originated | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Originated | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 20,028 | $ 2,952 |
% to Non Accrual Total | 100.00% | 100.00% |
Acquired | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | ||
% to Non Accrual Total | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 354 | $ 155 |
% to Non Accrual Total | 1.80% | 5.30% |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 2,852 | $ 951 |
% to Non Accrual Total | 14.20% | 32.10% |
Acquired | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 2 | |
% to Non Accrual Total | 0.10% | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 208 | $ 230 |
% to Non Accrual Total | 1.00% | 7.80% |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 12,317 | $ 653 |
% to Non Accrual Total | 61.40% | 22.10% |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 1,193 | $ 280 |
% to Non Accrual Total | 6.00% | 9.50% |
Acquired | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 2,786 | $ 542 |
% to Non Accrual Total | 13.90% | 18.40% |
Acquired | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 56 | $ 141 |
% to Non Accrual Total | 0.30% | 4.80% |
Acquired | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | $ 260 | |
% to Non Accrual Total | 1.30% |
LOANS AND ALLOWANCE FOR LOAN 65
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of loans by past due status (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 1,547,631 | $ 873,290 |
Total loans | $ 1,568,907 | $ 877,061 |
Current - As a percent of total loans | 98.60% | 99.50% |
As a percent of total loans | 100.00% | 100.00% |
30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 991 | $ 238 |
Past due - As a percent of total loans | 0.10% | 0.10% |
90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 20,285 | $ 3,533 |
Past due - As a percent of total loans | 1.30% | 0.40% |
Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 14,500 | $ 6,501 |
Total loans | 14,515 | 6,513 |
Retail & other | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 15 | 12 |
Retail & other | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 427,890 | 294,165 |
Total loans | 428,270 | 294,419 |
Commercial Portfolio Segment | Commercial & industrial | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 22 | 50 |
Commercial Portfolio Segment | Commercial & industrial | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 358 | 204 |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 357,065 | 184,334 |
Total loans | 360,227 | 185,285 |
Commercial Portfolio Segment | Owner-occupied CRE | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 268 | |
Commercial Portfolio Segment | Owner-occupied CRE | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,894 | 951 |
Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 34,758 | 14,989 |
Total loans | 34,767 | 15,018 |
Commercial Portfolio Segment | AG Production | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 16 | |
Commercial Portfolio Segment | AG Production | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 9 | 13 |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 45,026 | 43,042 |
Total loans | 45,234 | 43,272 |
Commercial Real Estate Portfolio Segment | AG real estate | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Commercial Real Estate Portfolio Segment | AG real estate | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 208 | 230 |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 183,562 | 77,671 |
Total loans | 195,879 | 78,711 |
Commercial Real Estate Portfolio Segment | CRE investment | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Commercial Real Estate Portfolio Segment | CRE investment | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 12,317 | 1,040 |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 73,795 | 36,495 |
Total loans | 74,988 | 36,775 |
Commercial Real Estate Portfolio Segment | Construction & land development | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Commercial Real Estate Portfolio Segment | Construction & land development | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,193 | 280 |
Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 296,828 | 153,834 |
Total loans | 300,304 | 154,658 |
Residential | First mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 486 | 150 |
Residential | First mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,990 | 674 |
Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 91,075 | 51,816 |
Total loans | 91,331 | 51,967 |
Residential | Junior mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 200 | 10 |
Residential | Junior mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 56 | 141 |
Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 23,132 | 10,443 |
Total loans | 23,392 | 10,443 |
Residential | Residential construction | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Residential | Residential construction | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 260 | |
Originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 901,633 | 739,482 |
Total loans | $ 901,987 | $ 740,135 |
Current - As a percent of total loans | 99.80% | 99.80% |
As a percent of total loans | 100.00% | 100.00% |
Originated | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 97 | $ 72 |
Past due - As a percent of total loans | 0.10% | 0.10% |
Originated | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 257 | $ 581 |
Past due - As a percent of total loans | 0.10% | 0.10% |
Originated | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 10,092 | $ 6,339 |
Total loans | 10,095 | 6,351 |
Originated | Retail & other | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 3 | 12 |
Originated | Retail & other | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 330,069 | 283,924 |
Total loans | 330,073 | 284,023 |
Originated | Commercial Portfolio Segment | Commercial & industrial | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 50 | |
Originated | Commercial Portfolio Segment | Commercial & industrial | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 4 | 49 |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 182,734 | 153,563 |
Total loans | 182,776 | 153,563 |
Originated | Commercial Portfolio Segment | Owner-occupied CRE | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 42 | |
Originated | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 9,185 | 6,836 |
Total loans | 9,192 | 6,849 |
Originated | Commercial Portfolio Segment | AG Production | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Commercial Portfolio Segment | AG Production | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 7 | 13 |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 18,858 | 25,464 |
Total loans | 18,858 | 25,464 |
Originated | Commercial Real Estate Portfolio Segment | AG real estate | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 72,930 | 58,562 |
Total loans | 72,930 | 58,949 |
Originated | Commercial Real Estate Portfolio Segment | CRE investment | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 387 | |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 44,147 | 27,231 |
Total loans | 44,147 | 27,231 |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 164,664 | 122,241 |
Total loans | 164,949 | 122,373 |
Originated | Residential | First mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 81 | |
Originated | Residential | First mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 204 | 132 |
Originated | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 48,186 | 44,879 |
Total loans | 48,199 | 44,889 |
Originated | Residential | Junior mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 13 | 10 |
Originated | Residential | Junior mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 20,768 | 10,443 |
Total loans | 20,768 | 10,443 |
Originated | Residential | Residential construction | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Originated | Residential | Residential construction | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 645,998 | 133,808 |
Total loans | $ 666,920 | $ 136,926 |
Current - As a percent of total loans | 96.90% | 97.70% |
As a percent of total loans | 100.00% | 100.00% |
Acquired | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 894 | $ 166 |
Past due - As a percent of total loans | 0.10% | 0.10% |
Acquired | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 20,028 | $ 2,952 |
Past due - As a percent of total loans | 3.00% | 2.20% |
Acquired | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | $ 4,408 | $ 162 |
Total loans | 4,420 | 162 |
Acquired | Retail & other | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 12 | |
Acquired | Retail & other | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 97,821 | 10,241 |
Total loans | 98,197 | 10,396 |
Acquired | Commercial Portfolio Segment | Commercial & industrial | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 22 | |
Acquired | Commercial Portfolio Segment | Commercial & industrial | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 354 | 155 |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 174,331 | 30,771 |
Total loans | 177,451 | 31,722 |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 268 | |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,852 | 951 |
Acquired | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 25,573 | 8,153 |
Total loans | 25,575 | 8,169 |
Acquired | Commercial Portfolio Segment | AG Production | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 16 | |
Acquired | Commercial Portfolio Segment | AG Production | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2 | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 26,168 | 17,578 |
Total loans | 26,376 | 17,808 |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 208 | 230 |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 110,632 | 19,109 |
Total loans | 122,949 | 19,762 |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 12,317 | 653 |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 29,648 | 9,264 |
Total loans | 30,841 | 9,544 |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 1,193 | 280 |
Acquired | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 132,164 | 31,593 |
Total loans | 135,355 | 32,285 |
Acquired | Residential | First mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 405 | 150 |
Acquired | Residential | First mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 2,786 | 542 |
Acquired | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 42,889 | 6,937 |
Total loans | 43,132 | 7,078 |
Acquired | Residential | Junior mortgage | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 187 | |
Acquired | Residential | Junior mortgage | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | 56 | 141 |
Acquired | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Current | 2,364 | |
Total loans | 2,624 | |
Acquired | Residential | Residential construction | 30-89 Days Past Due (accruing) | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | ||
Acquired | Residential | Residential construction | 90 Days & Over or non-accrual | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past Due | $ 260 |
LOANS AND ALLOWANCE FOR LOAN 66
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of loans by credit quality indicator based on internally assigned credit grade (Details 5) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,568,907 | $ 877,061 |
Percent of total | 100.00% | 100.00% |
Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 1,481,099 | $ 834,236 |
Percent of total | 94.40% | 95.00% |
Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 52,214 | $ 26,901 |
Percent of total | 3.30% | 3.10% |
Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 2,702 | $ 3,200 |
Percent of total | 0.20% | 0.40% |
Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 32,892 | $ 12,724 |
Percent of total | 2.10% | 1.50% |
Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Percent of total | ||
Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Percent of total | ||
Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 14,515 | $ 6,513 |
Retail & other | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,515 | 6,513 |
Retail & other | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Retail & other | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Retail & other | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Retail & other | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Retail & other | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 428,270 | 294,419 |
Commercial Portfolio Segment | Commercial & industrial | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 401,954 | 278,118 |
Commercial Portfolio Segment | Commercial & industrial | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 16,633 | 9,267 |
Commercial Portfolio Segment | Commercial & industrial | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,133 | 2,490 |
Commercial Portfolio Segment | Commercial & industrial | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 7,550 | 4,544 |
Commercial Portfolio Segment | Commercial & industrial | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | Commercial & industrial | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 360,227 | 185,285 |
Commercial Portfolio Segment | Owner-occupied CRE | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 340,846 | 176,371 |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,758 | 5,072 |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 193 | 253 |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,430 | 3,589 |
Commercial Portfolio Segment | Owner-occupied CRE | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | Owner-occupied CRE | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 34,767 | 15,018 |
Commercial Portfolio Segment | AG Production | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 31,026 | 13,238 |
Commercial Portfolio Segment | AG Production | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,191 | 1,765 |
Commercial Portfolio Segment | AG Production | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 70 | |
Commercial Portfolio Segment | AG Production | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 480 | 15 |
Commercial Portfolio Segment | AG Production | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Portfolio Segment | AG Production | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 45,234 | 43,272 |
Commercial Real Estate Portfolio Segment | AG real estate | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 41,747 | 39,958 |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 2,727 | 2,600 |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | AG real estate | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 760 | 714 |
Commercial Real Estate Portfolio Segment | AG real estate | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Percent of total | ||
Commercial Real Estate Portfolio Segment | AG real estate | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 195,879 | 78,711 |
Commercial Real Estate Portfolio Segment | CRE investment | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 173,652 | 74,778 |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 8,137 | 2,020 |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | CRE investment | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 14,090 | 1,913 |
Commercial Real Estate Portfolio Segment | CRE investment | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | CRE investment | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 74,988 | 36,775 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 69,097 | 31,897 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 4,318 | 4,598 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,573 | 280 |
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Commercial Real Estate Portfolio Segment | Construction & land development | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 300,304 | 154,658 |
Residential | First mortgage | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 295,109 | 151,835 |
Residential | First mortgage | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,348 | 860 |
Residential | First mortgage | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 192 | 457 |
Residential | First mortgage | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 3,655 | 1,506 |
Residential | First mortgage | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | First mortgage | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 91,331 | 51,967 |
Residential | Junior mortgage | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 91,123 | 51,736 |
Residential | Junior mortgage | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 68 | |
Residential | Junior mortgage | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 114 | |
Residential | Junior mortgage | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 94 | 163 |
Residential | Junior mortgage | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | Junior mortgage | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 23,392 | 10,443 |
Residential | Residential construction | Grades 1-4 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 22,030 | 9,792 |
Residential | Residential construction | Grade 5 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,102 | 651 |
Residential | Residential construction | Grade 6 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | Residential construction | Grade 7 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 260 | |
Residential | Residential construction | Grade 8 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | ||
Residential | Residential construction | Grade 9 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans |
LOANS AND ALLOWANCE FOR LOAN 67
LOANS AND ALLOWANCE FOR LOAN LOSSES - Summary of information pertaining to impaired loans (Details 6) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | $ 19,217 | $ 3,566 |
Without a related allowance: Unpaid Principal Balance | 33,422 | 7,795 |
Without a related allowance: Average Recorded Investment | 19,883 | 3,948 |
Without a related allowance: Interest Income Recognized | 1,789 | 475 |
Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | 36 | 12 |
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | 1 | |
Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 338 | 142 |
Without a related allowance: Unpaid Principal Balance | 720 | 142 |
Without a related allowance: Average Recorded Investment | 348 | 144 |
Without a related allowance: Interest Income Recognized | 34 | 10 |
Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 2,588 | 950 |
Without a related allowance: Unpaid Principal Balance | 4,661 | 1,688 |
Without a related allowance: Average Recorded Investment | 2,700 | 1,111 |
Without a related allowance: Interest Income Recognized | 271 | 135 |
Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 41 | 39 |
Without a related allowance: Unpaid Principal Balance | 163 | 53 |
Without a related allowance: Average Recorded Investment | 48 | 38 |
Without a related allowance: Interest Income Recognized | 6 | 4 |
Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 240 | 252 |
Without a related allowance: Unpaid Principal Balance | 332 | 348 |
Without a related allowance: Average Recorded Investment | 245 | 260 |
Without a related allowance: Interest Income Recognized | 26 | 27 |
Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 12,552 | 1,301 |
Without a related allowance: Unpaid Principal Balance | 19,695 | 3,109 |
Without a related allowance: Average Recorded Investment | 12,982 | 1,432 |
Without a related allowance: Interest Income Recognized | 1,051 | 175 |
Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 694 | 280 |
Without a related allowance: Unpaid Principal Balance | 2,122 | 822 |
Without a related allowance: Average Recorded Investment | 752 | 301 |
Without a related allowance: Interest Income Recognized | 112 | 18 |
Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 2,204 | 460 |
Without a related allowance: Unpaid Principal Balance | 3,706 | 1,150 |
Without a related allowance: Average Recorded Investment | 2,312 | 515 |
Without a related allowance: Interest Income Recognized | 190 | 79 |
Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 299 | 142 |
Without a related allowance: Unpaid Principal Balance | 639 | 471 |
Without a related allowance: Average Recorded Investment | 209 | 147 |
Without a related allowance: Interest Income Recognized | 17 | 26 |
Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 261 | |
Without a related allowance: Unpaid Principal Balance | 1,348 | |
Without a related allowance: Average Recorded Investment | 287 | |
Without a related allowance: Interest Income Recognized | $ 82 | |
Originated | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 387 | |
Without a related allowance: Unpaid Principal Balance | 387 | |
Without a related allowance: Average Recorded Investment | 387 | |
Without a related allowance: Interest Income Recognized | 29 | |
Originated | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 387 | |
Without a related allowance: Unpaid Principal Balance | 387 | |
Without a related allowance: Average Recorded Investment | 387 | |
Without a related allowance: Interest Income Recognized | 29 | |
Originated | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Originated | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | ||
Acquired | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 3,179 | |
Without a related allowance: Unpaid Principal Balance | 7,408 | |
Without a related allowance: Average Recorded Investment | 3,561 | |
Without a related allowance: Interest Income Recognized | 446 | |
Acquired | Retail & other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | 12 | |
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized | 1 | |
Acquired | Commercial Portfolio Segment | Commercial & industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 142 | |
Without a related allowance: Unpaid Principal Balance | 142 | |
Without a related allowance: Average Recorded Investment | 144 | |
Without a related allowance: Interest Income Recognized | 10 | |
Acquired | Commercial Portfolio Segment | Owner-occupied CRE | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 950 | |
Without a related allowance: Unpaid Principal Balance | 1,688 | |
Without a related allowance: Average Recorded Investment | 1,111 | |
Without a related allowance: Interest Income Recognized | 135 | |
Acquired | Commercial Portfolio Segment | AG Production | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 39 | |
Without a related allowance: Unpaid Principal Balance | 53 | |
Without a related allowance: Average Recorded Investment | 38 | |
Without a related allowance: Interest Income Recognized | 4 | |
Acquired | Commercial Real Estate Portfolio Segment | AG real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 252 | |
Without a related allowance: Unpaid Principal Balance | 348 | |
Without a related allowance: Average Recorded Investment | 260 | |
Without a related allowance: Interest Income Recognized | 27 | |
Acquired | Commercial Real Estate Portfolio Segment | CRE investment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 914 | |
Without a related allowance: Unpaid Principal Balance | 2,722 | |
Without a related allowance: Average Recorded Investment | 1,045 | |
Without a related allowance: Interest Income Recognized | 146 | |
Acquired | Commercial Real Estate Portfolio Segment | Construction & land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 280 | |
Without a related allowance: Unpaid Principal Balance | 822 | |
Without a related allowance: Average Recorded Investment | 301 | |
Without a related allowance: Interest Income Recognized | 18 | |
Acquired | Residential | First mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 460 | |
Without a related allowance: Unpaid Principal Balance | 1,150 | |
Without a related allowance: Average Recorded Investment | 515 | |
Without a related allowance: Interest Income Recognized | 79 | |
Acquired | Residential | Junior mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | 142 | |
Without a related allowance: Unpaid Principal Balance | 471 | |
Without a related allowance: Average Recorded Investment | 147 | |
Without a related allowance: Interest Income Recognized | 26 | |
Acquired | Residential | Residential construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Without a related allowance: Recorded Investment | ||
Without a related allowance: Unpaid Principal Balance | ||
Without a related allowance: Average Recorded Investment | ||
Without a related allowance: Interest Income Recognized |
LOANS AND ALLOWANCE FOR LOAN 68
LOANS AND ALLOWANCE FOR LOAN LOSSES (Details 7) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Accretion Discount [Roll Forward] | ||
Balance at beginning of period | $ 4,229 | $ 6,596 |
Acquired balance, net | 13,923 | |
Reclassifications from (to) non-accretable | ||
Accretion to loan interest income | (3,458) | (1,737) |
Disposals of loans | (367) | (630) |
Balance at end of period | $ 14,327 | $ 4,229 |
LOANS AND ALLOWANCE FOR LOAN 69
LOANS AND ALLOWANCE FOR LOAN LOSSES (Detail Textuals) | 12 Months Ended | |||
Dec. 31, 2016USD ($)Loan | Dec. 31, 2015USD ($)Loan | Dec. 31, 2014USD ($) | Apr. 29, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Interest income lost on nonaccrual loans | $ 2,000,000 | $ 400,000 | $ 700,000 | |
Interest income earned on nonaccrual loans | $ 1,800,000 | $ 400,000 | $ 700,000 | |
PCI loans acquired fair value | $ 37,500,000 | |||
Nonaccretable mark | 26,100,000 | |||
Accretable mark | 0 | |||
Number of loans classified as troubled debt restructuring, | Loan | 5 | 9 | ||
Premodification balance | $ 1,300,000 | |||
Postmodification balance | 800,000 | |||
Baylake Corp | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivables acquired at fair value in acquisition | 37,500,000 | |||
Impaired loans non accrual credit | 18,800,000 | |||
PCI loans acquired fair value | 20,800,000 | |||
Nonaccretable mark | $ 13,900,000 | |||
Acquired | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans receivables acquired at fair value in acquisition | 400,000 | |||
Impaired loans non accrual credit | 19,200,000 | |||
Nonaccretable mark | 14,300,000 | |||
Accretable mark | $ 0 |
PREMISES AND EQUIPMENT - Summar
PREMISES AND EQUIPMENT - Summary of premises and equipment, less accumulated depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 65,910 | $ 47,080 |
Less accumulated depreciation | 20,048 | 17,467 |
Premises and equipment, net | 45,862 | 29,613 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 5,466 | 3,098 |
Land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 2,656 | 1,693 |
Building and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 39,598 | 27,515 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 4,437 | 4,331 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 13,753 | $ 10,443 |
PREMISES AND EQUIPMENT - Minimu
PREMISES AND EQUIPMENT - Minimum annual rentals under these noncancelable agreements with remaining terms in excess of one year (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Property, Plant and Equipment [Abstract] | |
2,017 | $ 685 |
2,018 | 673 |
2,019 | 656 |
2,020 | 648 |
2,021 | 437 |
Thereafter | 682 |
Total | $ 3,781 |
PREMISES AND EQUIPMENT (Detail
PREMISES AND EQUIPMENT (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 3.2 | $ 2.4 | $ 2.3 | |
Lease termination liability | $ 1.7 | |||
Rent expense | $ 0.8 | $ 0.8 | $ 0.9 |
GOODWILL AND INTANGIBLE ASSET73
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Total | $ 87,938 | $ 3,793 |
MSR asset | 1,922 | 193 |
Core deposits | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Total | 17,101 | 3,031 |
Customer list intangibles | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Total | 4,094 | |
Other intangibles | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Total | 21,195 | 3,031 |
Goodwill | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Total | $ 66,743 | $ 762 |
GOODWILL AND INTANGIBLE ASSET74
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization during the period | $ 3,458 | $ 1,027 | $ 1,209 |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 25,345 | 8,086 | |
Accumulated amortization | (8,244) | (5,055) | |
Net book value | 17,101 | 3,031 | |
Additions during the period | 17,259 | ||
Amortization during the period | 3,189 | 1,027 | |
Customer list intangibles | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross carrying amount | 4,363 | ||
Accumulated amortization | (269) | ||
Net book value | 4,094 | ||
Additions during the period | 4,363 | ||
Amortization during the period | $ 269 |
GOODWILL AND INTANGIBLE ASSET75
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Details 2) - MSR asset - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Balance at beginning of period | $ 193 | |
Additions during the period | 1,908 | $ 201 |
Sale proceeds | (179) | (8) |
Valuation allowance at end of period | ||
Net book value at end of period | 1,922 | 193 |
Purchased MSR asset included in period | 885 | |
Fair value of MSR asset at end of period | 2,013 | 249 |
Residential mortgage loans serviced for others | $ 295,353 | $ 34,940 |
Net book value of MSR asset to loans serviced for others | 0.65% | 0.55% |
GOODWILL AND INTANGIBLE ASSET76
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | $ 3,805 | |
2,018 | 3,254 | |
2,019 | 2,762 | |
2,020 | 2,156 | |
2,021 | 1,763 | |
Thereafter | 3,361 | |
Net book value | 17,101 | $ 3,031 |
Customer list intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | 385 | |
2,018 | 385 | |
2,019 | 385 | |
2,020 | 385 | |
2,021 | 385 | |
Thereafter | 2,169 | |
Net book value | 4,094 | |
MSR Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
2,017 | 316 | |
2,018 | 316 | |
2,019 | 316 | |
2,020 | 300 | |
2,021 | 176 | |
Thereafter | 498 | |
Net book value | $ 1,922 |
GOODWILL AND INTANGIBLE ASSET77
GOODWILL AND INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Detail Textuals) - Goodwill - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Carrying amount of goodwill | $ 66.7 | $ 0.8 |
Financial Advisor | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Additions to carrying amount related to acquisition | 0.4 | |
Baylake Corp | ||
Goodwill And Intangible Assets And Mortgage Servicing Rights [Line Items] | ||
Goodwill related to the Baylake merger | $ 65.5 |
OTHER REAL ESTATE OWNED - Summa
OTHER REAL ESTATE OWNED - Summary of other real estate owned net of valuation allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Real Estate [Roll Forward] | |||
Balance at beginning of period | $ 367 | $ 1,966 | |
Transfer of loans at net realizable value to OREO | 237 | 986 | |
Sale proceeds | (1,999) | (3,632) | |
Net gain from sale of OREO | 666 | 1,471 | $ 842 |
Write-down of OREO | (424) | ||
Acquired balance, net | 2,788 | ||
Balance at end of period | $ 2,059 | $ 367 | $ 1,966 |
DEPOSITS - Maturities of time d
DEPOSITS - Maturities of time deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
2,017 | $ 160,144 | |
2,018 | 76,738 | |
2,019 | 35,913 | |
2,020 | 22,530 | |
2,021 | 6,570 | |
Thereafter | ||
Time deposits, total | $ 301,895 | $ 206,453 |
DEPOSITS (Detail Textuals)
DEPOSITS (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Deposits [Abstract] | ||
Brokered deposits | $ 20.9 | $ 26.7 |
Weighted average rate of brokered deposits | 1.39% | 1.27% |
Aggregate amount of time deposits with minimum denomination of $250,000 | $ 33 | $ 18 |
NOTES PAYABLE - Information reg
NOTES PAYABLE - Information regarding notes payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Type [Line Items] | ||
Notes payable | $ 1,000 | $ 15,412 |
Joint Venture note | ||
Debt Type [Line Items] | ||
Notes payable | 9,412 | |
FHLB advances | ||
Debt Type [Line Items] | ||
Notes payable | $ 1,000 | $ 6,000 |
NOTES PAYABLE - Summary of the
NOTES PAYABLE - Summary of the maturity of the notes payable (Details 1) $ in Thousands | Dec. 31, 2016USD ($) |
Notes Payable [Abstract] | |
2,017 | |
2,018 | 1,000 |
Notes payable, total | $ 1,000 |
NOTES PAYABLE (Detail Textuals)
NOTES PAYABLE (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Joint Venture note | ||
Debt Type [Line Items] | ||
Fixed rate on notes secured by building | 5.81% | |
FHLB advances | ||
Debt Type [Line Items] | ||
Weighted average rate of FHLB advances | 1.17% | 0.83% |
FHLB advances collateralized pledged | $ 283.8 | $ 154.3 |
NOTES PAYABLE (Detail Textuals
NOTES PAYABLE (Detail Textuals 1) - Parent company - Letter of credit - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Line of Credit Facility [Line Items] | ||
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 | |
Borrowing capacity | $ 10,000 | |
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 | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 24, 2004 | |
Debt Type [Line Items] | ||||
Junior subordinated debentures | $ 24,732 | $ 12,527 | $ 6,200 | |
Subordinated debentures, fixed rate | 8.00% | |||
Maturity date of the debenture, if not redeemed | Jul. 15, 2009 | |||
Nicolet Bankshares Statutory Trust I | ||||
Debt Type [Line Items] | ||||
Junior subordinated debentures | $ 6,000 |
JUNIOR SUBORDINATED DEBENTURE86
JUNIOR SUBORDINATED DEBENTURES (Detail Textuals 1) - USD ($) | 1 Months Ended | |||||
Apr. 30, 2016 | Apr. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 24, 2004 | |
Debt Instrument [Line Items] | ||||||
Junior subordinated debentures | $ 24,732,000 | $ 12,527,000 | $ 6,200,000 | |||
Discount accreted to interest expense over the remaining life of the debentures | 200,000 | 200,000 | $ 200,000 | |||
Trust preferred securities | ||||||
Debt Instrument [Line Items] | ||||||
Carrying value of trust preferred securities | 23,700,000 | 12,000,000 | ||||
Mid-Wisconsin | ||||||
Debt Instrument [Line Items] | ||||||
Junior subordinated debentures | $ 10,300,000 | |||||
Trust preferred securities issued during period | $ 10,000,000 | |||||
Base rate, description | three-month LIBOR | |||||
Basis spread | 1.43% | |||||
Debentures, description | The debentures may be called at par plus any accrued but unpaid interest, in part or in full, on or after December 15, 2010 or within 120 days of certain events. | |||||
Fair value of debentures | $ 5,800,000 | |||||
Discount accreted to interest expense over the remaining life of the debentures | $ 4,500 | |||||
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 | 6,500,000 | $ 6,300,000 | $ 6,100,000 | |||
Baylake Corp | ||||||
Debt Instrument [Line Items] | ||||||
Junior subordinated debentures | $ 16,600,000 | $ 12,000,000 | ||||
Trust preferred securities issued during period | $ 16,100,000 | |||||
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 | $ 11,800,000 | |||||
Floor rate | 2.35% | |||||
Maturity date of trust preferred securities and debentures | Sep. 30, 2036 |
SUBORDINATED NOTES (Detail Text
SUBORDINATED NOTES (Detail Textuals) - Subordinated Notes - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jun. 29, 2015 | Apr. 28, 2015 | Feb. 17, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||||
Principal amount of subordinated notes | $ 12,000,000 | $ 12,000,000 | $ 12,000,000 | ||
Subordinated notes, maturity period | 10 years | 10 years | 10 years | ||
Subordinate notes interest rate | 5.00% | 5.00% | 5.00% | ||
Debt issuance cost | $ 180,000 | ||||
Debt issuance costs, amortization description | 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 | $ 115,000 | $ 151,000 |
EMPLOYEE AND DIRECTOR BENEFIT88
EMPLOYEE AND DIRECTOR BENEFIT PLANS (Detail textual) - Deferred compensation plan - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Key Management Employees | Other liabilities | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Liability for cumulative employee contributions and earnings | $ 272,000 | $ 359,000 |
Director | ||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ||
Maximum percentage to defer the compensation under the plan | 100.00% | |
Number of shares purchased under deferred compensation plan | 3,796 | 4,820 |
Value of shares purchased under deferred compensation plan | $ 138,000 | $ 143,000 |
Number of shares distributed under director plan | 2,670 | |
Value of shares distributed under director plan | $ 49,000 | |
Deferred compensation liability offsetting equity component | $ 641,000 | $ 502,000 |
Deferred compensation liability offsetting equity component (in shares) | 28,510 | 24,561 |
EMPLOYEE AND DIRECTOR BENEFIT89
EMPLOYEE AND DIRECTOR BENEFIT PLANS (Detail textual 1) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Employees contribution | 100.00% | ||
Employer contribution matching percent | 100.00% | ||
Percentage of employee's gross pay | 6.00% | ||
Vesting period | 5 years | ||
Expense amount | $ 1,200,000 | $ 900,000 | $ 800,000 |
Number of shares purchased by participant under plan (in shares) | 963 | ||
Value of shares purchased by participant under plan | $ 31,000 |
STOCK-BASED COMPENSATION- Activ
STOCK-BASED COMPENSATION- Activity of the stock incentive plans for options (Details) - Stock Incentive Plan - Stock Options - $ / shares | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Options Shares Outstanding | |||||
Balance | 746,004 | 967,859 | 793,157 | ||
Granted | 170,500 | 162,000 | 221,000 | ||
Options assumed in acquisition | $ 91,701 | ||||
Exercise of stock options | (84,723) | [1] | (381,505) | [1] | (39,548) |
Forfeited | (1,456) | (2,350) | (6,750) | ||
Balance | 922,026 | 746,004 | 967,859 | ||
Weighted-Average Exercise Price | |||||
Balance | $ 21.56 | $ 19.30 | $ 17.86 | ||
Granted | $ 36.86 | 26.66 | 23.80 | ||
Options assumed in acquisition | 21.03 | ||||
Exercise of stock options | $ 20.98 | [1] | 18 | [1] | 16.01 |
Forfeited | 21.71 | 19.61 | 16.80 | ||
Balance | $ 24.39 | $ 21.56 | $ 19.30 | ||
Exercisable Shares, Beginning Balance | 325,979 | 630,121 | 600,846 | ||
Exercisable Shares, Ending Balance | 439,639 | 325,979 | 630,121 | ||
Weighted Average Exercise Price, Beginning Balance | $ 19.09 | $ 18.24 | $ 18.25 | ||
Weighted Average Exercise Price, Ending Balance | $ 19.97 | $ 19.09 | $ 18.24 | ||
[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, and accordingly 10,244 shares and 167,779 shares were surrendered in 2016 and 2015, respectively, and no shares surrendered in 2014. |
STOCK-BASED COMPENSATION - Acti
STOCK-BASED COMPENSATION - Activity of the restricted stock awards (Details 1) - Restricted Stock - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Restricted Shares Outstanding | ||||
Balance | 36,690 | 66,231 | 62,363 | |
Granted | 31,466 | 33,136 | ||
Vested | [1] | (25,207) | (29,261) | (29,268) |
Forfeited | (280) | |||
Balance | 42,949 | 36,690 | 66,231 | |
Weighted-Average Grant Date Fair Value | ||||
Balance | $ 18.70 | $ 18.62 | $ 16.50 | |
Granted | 33.68 | 23.80 | ||
Vested | [1] | 23.58 | 19.26 | 19.26 |
Forfeited | 16.50 | |||
Balance | $ 26.80 | $ 18.70 | $ 18.62 | |
[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 at the minimum statutory withholding rate, and accordingly 7,851 shares, 7,715 shares and 5,821 shares were surrendered during 2016, 2015 and 2014, respectively. |
STOCK-BASED COMPENSATION (Detai
STOCK-BASED COMPENSATION (Detail Textuals) - shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2008 | Dec. 31, 2005 | Dec. 31, 2016 | Dec. 31, 2002 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period of options | 10 years | |||
2002 Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares initially covered under the plan | 1,175,000 | 125,000 | ||
Number of additional shares allowed with subsequent shareholder approval | 600,000 | 450,000 | ||
2011 Long Term Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares initially covered under the plan | 500,000 | |||
Number of additional shares allowed with subsequent shareholder approval | 1,000,000 | |||
Number of shares issued for future issuance | 1,500,000 | |||
2010 long term incentive plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares were available for grant under two plans | 91,701 | |||
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares were available for grant under two plans | 1,100,000 |
STOCK-BASED COMPENSATION (Det93
STOCK-BASED COMPENSATION (Detail Textuals 1) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options | Exercise Price $16.00 - $38.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Lower exercise price range | $ 16 | |||
Upper exercise price range | 38.10 | |||
Stock Options | Exercise Price $16.00 - $20.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Lower exercise price range | 16 | |||
Upper exercise price range | $ 20 | |||
Options Outstanding | 301,953 | |||
Stock Options | Exercise Price $20.01 - $25.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Lower exercise price range | $ 20.01 | |||
Upper exercise price range | $ 25 | |||
Options Outstanding | 252,989 | |||
Stock Options | Exercise Price $25.01 - $30.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Lower exercise price range | $ 25.01 | |||
Upper exercise price range | $ 30 | |||
Options Outstanding | 160,211 | |||
Stock Options | Exercise Price $30.01 - $38.10 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Lower exercise price range | $ 30.01 | |||
Upper exercise price range | $ 38.10 | |||
Options Outstanding | 206,873 | |||
Stock Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted average remaining contractual life option exercisable | 5 years | |||
Stock Incentive Plan | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding | 922,026 | 746,004 | 967,859 | 793,157 |
Weighted average exercise price of stock options exercisable | $ 19.97 | $ 19.09 | $ 18.24 | $ 18.25 |
STOCK-BASED COMPENSATION (Det94
STOCK-BASED COMPENSATION (Detail Textuals 2) - Stock Options - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total intrinsic value of options exercised | $ 1.3 | $ 5.2 | $ 0.2 |
Total intrinsic value of exercisable shares | $ 12.2 |
STOCK-BASED COMPENSATION (Det95
STOCK-BASED COMPENSATION (Detail Textuals 3) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based employee compensation | $ 1.6 | $ 1.2 | $ 1 |
Unrecognized compensation cost | $ 4.5 | ||
Remaining vesting period over which cost expected to be recognized | 4 years | ||
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of shares surrendered (in shares) | 10,244 | 167,779 | |
Restricted Stock Agreements | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Numbers of shares surrendered (in shares) | 7,851 | 7,715 | 5,821 |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 29, 2016 | Dec. 31, 2016 | Jan. 17, 2017 | Jul. 21, 2015 | Dec. 31, 2014 | |
Stock Transaction [Line Items] | |||||
Value of common stock issued for consideration | $ 165,035 | ||||
Financial Advisor | |||||
Stock Transaction [Line Items] | |||||
Value of common stock issued for consideration | $ 2,600 | ||||
Merger Agreement | Baylake Corp | |||||
Stock Transaction [Line Items] | |||||
Number of shares issued through acquisition | 4,344,243 | ||||
Value of common stock issued for consideration | $ 163,300 | ||||
Additional consideration for assumed stock options | 1,200 | ||||
Costs incurred related to stock issuance | $ 300 | ||||
Common stock repurchase program | |||||
Stock Transaction [Line Items] | |||||
Value of shares authorized to repurchased | $ 30,000 | $ 6,000 | $ 12,000 | ||
Shares authorized to repurchased | 1,050,000 | 175,000 | 625,000 | ||
Stock repurchased under plan | $ 14,200 | ||||
Number of shares cancelled under plan | 518,609 | ||||
Weighted average price of share cancelled | $ 27.31 | ||||
Common stock repurchase program | Subsequent Event | |||||
Stock Transaction [Line Items] | |||||
Value of shares authorized to repurchased | $ 12,000 | ||||
Shares authorized to repurchased | 250,000 |
INCOME TAXES - Current and defe
INCOME TAXES - Current and deferred amounts of income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 6,033 | $ 5,486 | $ 4,675 |
Deferred | 3,338 | 603 | (68) |
Income tax expense | $ 9,371 | $ 6,089 | $ 4,607 |
INCOME TAXES - The differences
INCOME TAXES - The differences between the income tax expense recognized and the amount computed by applying the statutory federal income tax rate to the earnings before income taxes, less noncontrolling interest (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Tax on pretax income, less noncontrolling interest, at statutory rates | $ 9,742 | $ 5,956 | $ 4,949 |
State income taxes, net of federal effect | 1,339 | 980 | 594 |
Tax-exempt interest income | (769) | (430) | (317) |
Non-deductible interest disallowance | 18 | 15 | 18 |
Increase in cash surrender value life insurance | (452) | (338) | (289) |
Non-deductible business entertainment | 106 | 94 | 81 |
Non-deductible merger expenses | 18 | 106 | |
Stock-based employee compensation | (35) | 20 | 62 |
Other, net | (596) | (314) | (491) |
Income tax expense | $ 9,371 | $ 6,089 | $ 4,607 |
INCOME TAXES - The net deferred
INCOME TAXES - The net deferred tax asset includes amounts of deferred tax assets and liabilities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
ALLL | $ 13,975 | $ 6,360 |
Net operating loss carryforwards | 3,058 | 2,603 |
Credit carryforwards | 981 | 13 |
Other real estate | 1,350 | 112 |
Compensation | 3,727 | 804 |
Other | 949 | 190 |
Unrealized loss on securities AFS | 1,743 | |
Total deferred tax asset | 25,783 | 10,082 |
Deferred tax liabilities: | ||
Premises and equipment | (681) | (830) |
Prepaid expenses | (808) | (327) |
Investment securities | (2,856) | (148) |
Core deposit and other intangibles | (6,125) | (378) |
Estimated section 382 limitation | (561) | (980) |
Purchase accounting adjustments to liabilities | (3,192) | (1,561) |
Other | (621) | |
Unrealized gain on securities AFS | (626) | |
Total deferred tax liability | (14,844) | (4,850) |
Net deferred tax asset | $ 10,939 | $ 5,232 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) $ in Millions | Dec. 31, 2016USD ($) |
Federal | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 5.3 |
State | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 23.4 |
State net operating loss carried regular operations | 2.4 |
Mid-Wisconsin | Federal | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | 5.3 |
Mid-Wisconsin | State | |
Operating Loss Carryforwards [Line Items] | |
Operating loss carryforwards | $ 21 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Summary of the contract or notional amount of the Company's exposure to off-balance-sheet risk (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or notional amount | $ 554,980 | $ 302,591 |
Financial letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or notional amount | 12,444 | 2,610 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Contract or notional amount | $ 4,898 | $ 4,314 |
COMMITMENTS AND CONTINGENCIE102
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($) $ in Millions | Dec. 31, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Federal funds accommodations | $ 75 | $ 75 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2004 | |
Related Party Transaction [Line Items] | |||||
Related party loans, total | $ 54,000,000 | $ 25,400,000 | |||
Rent expense | $ 120,000 | ||||
Building lease expense for partial year | 120,000 | ||||
Payment for services | 420,000 | ||||
New branch location in facility opened in August 2011 | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Rent expense | 120,000 | 120,000 | $ 120,000 | ||
New branch location in facility opened in October 2013 | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Rent expense | 120,000 | 120,000 | 120,000 | ||
Nicolet Joint Ventures, LLC (the "JV") | |||||
Related Party Transaction [Line Items] | |||||
Percentage of Nicolet National Bank | 50.00% | ||||
Relative of the management | |||||
Related Party Transaction [Line Items] | |||||
Payment for services | $ 400,000 | ||||
Nicolet national bank | |||||
Related Party Transaction [Line Items] | |||||
Percentage of Nicolet National Bank | 100.00% | ||||
Nicolet national bank | Nicolet Joint Ventures, LLC (the "JV") | |||||
Related Party Transaction [Line Items] | |||||
Rent expense | $ 1,100,000 | $ 1,200,000 | $ 1,200,000 |
GAIN ON SALE OR WRITE-DOWN O104
GAIN ON SALE OR WRITE-DOWN OF ASSETS, NET - Components of the gain (loss) on sale, disposals and writedown of assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gain Loss On Sale And Writedown Of Assets [Abstract] | |||
Gain on sale of securities, net | $ 78 | $ 625 | $ 341 |
Gain on sale of OREO, net | 666 | 1,471 | 842 |
Write-down of OREO | (424) | ||
Write-down of other investment | (500) | ||
Gain (loss) on sale or disposition of other assets, net | (190) | 54 | (644) |
Gain on sale or write-down of assets, net | $ 54 | $ 1,726 | $ 539 |
REGULATORY CAPITAL REQUIREME105
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS - The Company's and the Bank's actual regulatory capital amounts and ratios (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | |
Nicolet Bankshares, Inc | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital, Actual amount | $ 249,723 | $ 140,691 | |
Total risk-based capital, For capital adequacy purposes amount | $ 144,195 | $ 75,972 | |
Total risk-based capital, Actual ratio | [1] | 13.90% | 14.80% |
Total risk-based capital, For capital adequacy purposes ratio | [1] | 8.00% | 8.00% |
Tier I risk-based capital, Actual amount | $ 226,018 | $ 118,535 | |
Tier I risk-based capital, For capital adequacy purposes amount | $ 108,146 | $ 56,979 | |
Tier I risk-based capital, Actual ratio | [1] | 12.50% | 12.50% |
Tier I risk-based capital, For capital adequacy purposes ratio | [1] | 6.00% | 6.00% |
Common equity Tier 1 capital | $ 202,313 | $ 94,346 | |
Common equity Tier 1 capital, For Capital Adequacy Purposes | $ 81,110 | $ 42,697 | |
Common equity Tier 1 capital, Actual ratio | [1] | 11.20% | 9.90% |
Common equity Tier 1 capital, For capital adequacy purposes ratio | [1] | 4.50% | 4.50% |
Leverage, Actual amount | $ 226,018 | $ 118,535 | |
Leverage, For capital adequacy purposes amount | $ 87,566 | $ 47,627 | |
Leverage, Actual ratio | [1] | 10.30% | 10.00% |
Leverage, For capital adequacy purposes ratio | [1] | 4.00% | 4.00% |
Nicolet national bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Total risk-based capital, Actual amount | $ 217,682 | $ 122,206 | |
Total risk-based capital, For capital adequacy purposes amount | 144,322 | 74,903 | |
Total risk-based capital, To be well capitalized under prompt corrective action provisions amount | [2] | $ 180,403 | $ 93,629 |
Total risk-based capital, Actual ratio | [1] | 12.10% | 13.10% |
Total risk-based capital, For capital adequacy purposes ratio | [1] | 8.00% | 8.00% |
Total risk-based capital, To be well capitalized under prompt corrective action provisions ratio | [1],[2] | 10.00% | 10.00% |
Tier I risk-based capital, Actual amount | $ 205,862 | $ 111,899 | |
Tier I risk-based capital, For capital adequacy purposes amount | 108,242 | 56,178 | |
Tier I risk-based capital, To be well capitalized under prompt corrective action provisions amount | [2] | $ 144,322 | $ 74,903 |
Tier I risk-based capital, Actual ratio | [1] | 11.40% | 12.00% |
Tier I risk-based capital, For capital adequacy purposes ratio | [1] | 6.00% | 6.00% |
Tier I risk-based capital, To be well capitalized under prompt corrective action provisions ratio | [1],[2] | 8.00% | 8.00% |
Common equity Tier 1 capital | $ 205,862 | $ 111,899 | |
Common equity Tier 1 capital, For Capital Adequacy Purposes | 81,181 | 42,133 | |
Common equity Tier 1 capital, To Be Well Capitalized Under Prompt Corrective Action Provisions | [2] | $ 117,262 | $ 60,859 |
Common equity Tier 1 capital, Actual ratio | [1] | 11.40% | 12.00% |
Common equity Tier 1 capital, For capital adequacy purposes ratio | [1] | 4.50% | 4.50% |
Common equity Tier 1 capital, To be well capitalized under prompt corrective action provisions ratio | [1],[2] | 6.50% | 6.50% |
Leverage, Actual amount | $ 205,862 | $ 111,899 | |
Leverage, For capital adequacy purposes amount | 87,329 | 47,036 | |
Leverage, To be well capitalized under prompt corrective action provisions amount | [2] | $ 109,161 | $ 58,794 |
Leverage, Actual ratio | [1] | 9.40% | 9.50% |
Leverage, For capital adequacy purposes ratio | [1] | 4.00% | 4.00% |
Leverage, To be well capitalized under prompt corrective action provisions ratio | [1],[2] | 5.00% | 5.00% |
[1] | The Total risk-based capital ratio is defined as Tier 1 capital plus tier 2 capital divided by total risk-weighted assets. The Tier 1 risk-based capital ratio is defined as Tier 1 capital divided by total risk-weighted assets. CET1 risk-based capital ratio is defined as Tier 1 capital, with deductions for goodwill and other intangible assets (other than mortgage servicing assets), net of associated deferred tax liabilities, and limitations on the inclusion of deferred tax assets, mortgage servicing assets and investments in other financial institutions, in each case as provided further in the rules, divided by total risk-weighted assets. The Leverage ratio is defined as Tier 1 capital divided by the most recent quarter's average total assets as adjusted. | ||
[2] | Prompt corrective action provisions are not applicable at the bank holding company level. |
REGULATORY CAPITAL REQUIREME106
REGULATORY CAPITAL REQUIREMENTS AND RESTRICTIONS OF DIVIDENDS (Detail textuals) $ in Millions | Dec. 31, 2016USD ($) |
Banking and Thrift [Abstract] | |
Amount of dividends without regulatory approval | $ 1.1 |
Special Dividend | $ 15 |
FAIR VALUE OF FINANCIAL INFO107
FAIR VALUE OF FINANCIAL INFORMATION - Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | $ 365,287 | $ 172,596 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 365,287 | 172,596 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,783 | 4,677 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 351,396 | 166,253 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 9,108 | 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 AFS | 365,287 | 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 AFS | 1,963 | 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 AFS | 187,243 | 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 AFS | 159,129 | 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 AFS | 12,169 | 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 AFS | 4,783 | 4,677 |
Measured at Fair Value on a Recurring Basis | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,783 | 4,677 |
Measured at Fair Value on a Recurring Basis | Level 1 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 1 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 1 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 1 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 1 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 4,783 | 4,677 |
Measured at Fair Value on a Recurring Basis | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 351,396 | 166,253 |
Measured at Fair Value on a Recurring Basis | Level 2 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 1,963 | 294 |
Measured at Fair Value on a Recurring Basis | Level 2 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 186,717 | 104,495 |
Measured at Fair Value on a Recurring Basis | Level 2 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 159,076 | 61,464 |
Measured at Fair Value on a Recurring Basis | Level 2 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 3,640 | |
Measured at Fair Value on a Recurring Basis | Level 2 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 9,108 | 1,666 |
Measured at Fair Value on a Recurring Basis | Level 3 | U.S. government sponsored enterprises | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | ||
Measured at Fair Value on a Recurring Basis | Level 3 | State, county and municipals | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 526 | 526 |
Measured at Fair Value on a Recurring Basis | Level 3 | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 53 | |
Measured at Fair Value on a Recurring Basis | Level 3 | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS | 8,529 | 1,140 |
Measured at Fair Value on a Recurring Basis | Level 3 | Equity securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities AFS |
FAIR VALUE OF FINANCIAL INFO108
FAIR VALUE OF FINANCIAL INFORMATION - Changes in Level 3 assets measured at fair value on a recurring basis (Details 1) - Securities AFS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Level 3 Fair Value Measurements ($ in thousands): | ||
Balance at beginning of year | $ 1,666 | $ 796 |
Purchases | 2,250 | 920 |
Acquired balance | 5,192 | |
Sales/settlements | (50) | |
Balance at end of year | $ 9,108 | $ 1,666 |
FAIR VALUE OF FINANCIAL INFO109
FAIR VALUE OF FINANCIAL INFORMATION - Measured at Fair Value on Nonrecurring Basis (Details 2) - Measured at Fair Value on a Nonrecurring Basis - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Total | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 19,217 | $ 3,566 |
Total | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 2,059 | 367 |
Level 1 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Level 1 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Level 2 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Level 2 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | ||
Level 3 | Impaired loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 19,217 | 3,566 |
Level 3 | OREO | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | $ 2,059 | $ 367 |
FAIR VALUE OF FINANCIAL INFO110
FAIR VALUE OF FINANCIAL INFORMATION - Summary of carrying amounts and estimated fair values of financial instruments (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Financial assets: | ||
Securities AFS | $ 365,287 | $ 172,596 |
Msr Asset | 1,922 | 193 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 129,103 | 83,619 |
Certificates of deposit in other banks | 3,984 | 3,416 |
Securities AFS | 365,287 | 172,596 |
Other investments | 17,499 | 8,135 |
Loans held for sale | 6,913 | 4,680 |
Loans, net | 1,557,087 | 866,754 |
BOLI | 54,134 | 28,475 |
Msr Asset | 1,922 | 193 |
Financial liabilities: | ||
Deposits | 1,969,986 | 1,056,417 |
Notes payable | 1,000 | 15,412 |
Junior subordinated debentures | 24,732 | 12,527 |
Subordinated notes | 11,885 | 11,849 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 129,103 | 83,619 |
Certificates of deposit in other banks | 3,992 | 3,416 |
Securities AFS | 365,287 | 172,596 |
Other investments | 17,499 | 8,135 |
Loans held for sale | 6,968 | 4,755 |
Loans, net | 1,568,676 | 865,027 |
BOLI | 54,134 | 28,475 |
Msr Asset | 2,013 | 249 |
Financial liabilities: | ||
Deposits | 1,969,973 | 1,057,614 |
Notes payable | 1,002 | 18,354 |
Junior subordinated debentures | 24,095 | 11,900 |
Subordinated notes | 11,459 | 11,414 |
Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 129,103 | 83,619 |
Certificates of deposit in other banks | ||
Securities AFS | 4,783 | 4,677 |
Other investments | ||
Loans held for sale | ||
Loans, net | ||
BOLI | 54,134 | 28,475 |
Msr Asset | ||
Financial liabilities: | ||
Deposits | ||
Notes payable | ||
Junior subordinated debentures | ||
Subordinated notes | ||
Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | ||
Certificates of deposit in other banks | 3,992 | 3,416 |
Securities AFS | 351,396 | 166,253 |
Other investments | 15,779 | 5,995 |
Loans held for sale | 6,968 | 4,755 |
Loans, net | ||
BOLI | ||
Msr Asset | ||
Financial liabilities: | ||
Deposits | ||
Notes payable | 1,002 | 18,354 |
Junior subordinated debentures | ||
Subordinated notes | ||
Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | ||
Certificates of deposit in other banks | ||
Securities AFS | 9,108 | 1,666 |
Other investments | 1,720 | 2,140 |
Loans held for sale | ||
Loans, net | 1,568,676 | 865,027 |
BOLI | ||
Msr Asset | 2,013 | 249 |
Financial liabilities: | ||
Deposits | 1,969,973 | 1,057,614 |
Notes payable | ||
Junior subordinated debentures | 24,095 | 11,900 |
Subordinated notes | $ 11,459 | $ 11,414 |
PARENT COMPANY ONLY FINANCIA111
PARENT COMPANY ONLY FINANCIAL INFORMATION - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Jul. 24, 2004 |
Assets | |||
Cash and due from subsidiary | $ 68,056 | $ 11,947 | |
Goodwill | 66 | ||
Total assets | 2,300,879 | 1,214,439 | |
Liabilities and Stockholders' Equity | |||
Junior subordinated debentures | 24,732 | 12,527 | $ 6,200 |
Subordinated debt | 11,885 | 11,849 | |
Stockholders' equity | 275,947 | 109,501 | |
Total liabilities and stockholders' equity | 2,300,879 | 1,214,439 | |
Nicolet Bankshares, Inc | |||
Assets | |||
Cash and due from subsidiary | 28,265 | 13,632 | |
Investments | 6,361 | 6,754 | |
Investments in subsidiaries | 284,416 | 115,504 | |
Goodwill | (2,850) | ||
Other assets | 398 | 342 | |
Total assets | 316,590 | 136,232 | |
Liabilities and Stockholders' Equity | |||
Junior subordinated debentures | 24,732 | 12,527 | |
Subordinated debt | 11,885 | 11,849 | |
Other liabilities | 4,026 | 2,355 | |
Stockholders' equity | 275,947 | 109,501 | |
Total liabilities and stockholders' equity | $ 316,590 | $ 136,232 |
PARENT COMPANY ONLY FINANCIA112
PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Income (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | $ 75,467 | $ 48,597 | $ 48,949 |
Interest expense | 7,334 | 7,213 | 7,067 |
Net interest expense | (68,133) | (41,384) | (41,882) |
Income tax benefit | 9,371 | 6,089 | 4,607 |
Net income | 18,694 | 11,555 | 10,051 |
Nicolet Bankshares, Inc | |||
Condensed Financial Statements, Captions [Line Items] | |||
Interest income | 58 | 90 | 68 |
Interest expense | 1,951 | 1,375 | 875 |
Net interest expense | (1,893) | (1,285) | (807) |
Dividend income from subsidiaries | 35,500 | 11,000 | 9,060 |
Operating expense | (202) | (258) | (164) |
Gain (loss) on investments, net | (500) | 228 | 341 |
Bargain purchase gain | |||
Income tax benefit | 833 | 375 | 135 |
Earnings before equity in undistributed income of subsidiaries | 33,738 | 10,060 | 8,565 |
Equity in undistributed income (loss) of subsidiaries | (15,276) | 1,368 | 1,384 |
Net income | $ 18,462 | $ 11,428 | $ 9,949 |
PARENT COMPANY ONLY FINANCIA113
PARENT COMPANY ONLY FINANCIAL INFORMATION - Statements of Cash Flows (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flows From Operating Activities: | |||
Net Income attributable to Nicolet Bankshares, Inc. | $ 18,694 | $ 11,555 | $ 10,051 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Net cash provided by operating activities | 24,806 | 15,051 | 11,040 |
Cash Flows From Investing Activities: | |||
Net cash used by investing activities | 51,442 | (21,633) | (90,959) |
Cash Flows From Financing Activities: | |||
Proceeds from issuance of common stock, net | 1,900 | 1,721 | 887 |
Capitalized issuance costs, net | (260) | ||
Proceeds from issuance of subordinated debt, net | 11,820 | ||
Redemption of preferred stock (SBLF) | (12,200) | (12,200) | |
Cash dividends paid on preferred stock | (633) | (212) | (244) |
Net cash used by financing activities | (30,764) | 21,493 | 1,649 |
Net increase in cash | 45,484 | 14,911 | (78,270) |
Beginning | 83,619 | 68,708 | 146,978 |
Ending | 129,103 | 83,619 | 68,708 |
Nicolet Bankshares, Inc | |||
Cash Flows From Operating Activities: | |||
Net Income attributable to Nicolet Bankshares, Inc. | 18,462 | 11,428 | 9,949 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Accretion of discounts | 353 | 228 | 199 |
Gain (loss) on investments, net | 500 | (228) | (341) |
Change in other assets and liabilities, net | 395 | (160) | 506 |
Equity in undistributed earnings of subsidiaries, net of dividends received | 15,276 | (1,368) | (1,444) |
Net cash provided by operating activities | 34,986 | 9,900 | 8,869 |
Cash Flows From Investing Activities: | |||
Proceeds from sale of investments | 565 | 378 | 531 |
Purchases of investments | (1,774) | (791) | |
Capital infusion to subsidiary | (1,200) | ||
Net cash from business combinations | (608) | ||
Net cash used by investing activities | (43) | (1,396) | (1,460) |
Cash Flows From Financing Activities: | |||
Purchase and cancellation of treasury stock | (5,201) | (4,381) | (5,770) |
Proceeds from issuance of common stock, net | 1,900 | 1,721 | 887 |
Capitalized issuance costs, net | (260) | ||
Proceeds from issuance of subordinated debt, net | 11,820 | ||
Redemption of preferred stock (SBLF) | (12,200) | (12,200) | |
Repayment of long-term debt | (3,916) | ||
Noncontrolling interest in joint venture | 60 | ||
Cash dividends paid on preferred stock | (633) | (212) | (244) |
Net cash used by financing activities | (20,310) | (3,252) | (5,067) |
Net increase in cash | 14,633 | 5,252 | 2,342 |
Beginning | 13,632 | 8,380 | 6,038 |
Ending | $ 28,265 | $ 13,632 | $ 8,380 |
SALE OF BRANCHES (Detail Textua
SALE OF BRANCHES (Detail Textuals) - Neillsville and Fairchild, WI branches $ in Millions | Aug. 07, 2015USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Reduction in deposits | $ 34 |
Reduction in loans | 13 |
Reduction in fixed assets | 1 |
Reduction in cash | 20 |
Miscellaneous income | $ 0.1 |
PENDING MERGER TRANSACTION (Det
PENDING MERGER TRANSACTION (Detail Textuals) - Merger Agreement - Baylake Corp $ in Billions | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |
Total assets | $ 2.8 |
Deposits | 2.4 |
Loans | $ 1.9 |